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Los Angeles: CABB – The Sale of a Lifetime
The Sale of a Lifetime
Business owners should prepare for succession

For Immediate Release April xx, 2008
(San Jose, CA) – With the front end of the baby boomer generation heading toward retirement, many California businesses are expected to change hands in the coming years. For the typical business owner who has given his or her life to the operation of the business, preparing for the sale of the company can be stressful. A carefully planned approach to the sale is essential.

“A succession plan is just as important, if not more important, than a start-up plan,” said Ron Hottes, president of the California Association of Business Brokers (CABB) and president of Business Team LA and Business Team SoCal. “To get the best value, business owners should incorporate the same commitment and preparation that was used to grow and sustain the company.”

No matter the reason for selling, important steps must be taken to get a financially sound result:

Determine the company’s actual worth
Various formulas exist for valuing a business. The sale price is most often associated with the profitability (earnings) of the business. Other factors, like earnings, assets, cash flow, gross revenues and annual growth, are also considered. A number of sources, including a Certified Business Intermediary (CBI), can assist in the valuation of a business.

Keep records up to date
In order for all the hard work to pay off in the sale, businesses should keep current, detailed records, especially at the time of the sale. These records will provide an auditable assessment of the company’s financial position as well as future projections.

Focus on key staff
Key employees are critical to the success of a newly transitioned company, so any loss of workers could kill the sale. Business owners should assess which employees are prepared to stay with the company and develop a replacement plan for those that may be leaving.

Consult a team of experts
Business owners should consult the expertise of a business intermediary as soon as they decide to sell the firm. “The sale of a business shouldn’t be handled alone, no matter how independent a business owner is,” said Hottes. “The sales performance of the company while it’s on the market is crucial. Working with a qualified business intermediary allows the owner to focus on the business when it matters most.”

Selling a business is likely to be a business owner’s biggest financial transaction. “The years of hard work should pay off in the end if you prepare for the sale and work with professionals who can help you complete the deal you’re seeking,” Hottes said.

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The California Association of Business Brokers (CABB) is a professional trade association dedicated to promoting the growth and professionalism of the business brokerage community within California. CABB is the largest organization of business brokerage and merger and acquisition specialists in the state, with more than 450 members. Founded in 1986, CABB was organized to recognize the professionals of business brokerage, to help educate the public on the benefits of using licensed intermediaries and to establish a code of ethics for all members.

Use of the information from the California Association of Business Brokers is solely for informational purposes. The opinions expressed in this document do not constitute legal or financial advice.

Media Contact:
Susan Finco - Leonard & Finco Public Relations
(920) 965-7750 ext. 158

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Business Team is a unit of BTI Group and a member of the International Business Brokers Association and the California Association of Business Brokers. Business Team is the largest brokerage firm in the Western United States, with business brokers specializing in businesses for sale and selling businesses in Northern California, Southern California, Nevada, Missouri, and Washington, as well as, eCommerce and Internet businesses. Contact Business Team today!

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