WHY FIRST CHOICE BUSINESS BROKERS?

The World’s Authority in Business Sales
First Choice Business Brokers proudly adds Toledo Ohio to its nationwide network of elite business brokers.

Toledo Ohio's economy has always included many glass related companies.  This reputation has garnered the city name “Glass City”.  Toledo also offers several Fortune 500 companies.  The primary advantage of Toledo is its location.  About 40% of the nations population is within 500 miles.   

Owner and Broker Eric Iffland leads the office and speaks with professionals who wish to pursue a career in business brokerage.

While the office serves all viable and profitable main street businesses including retail, wholesale, trades, specialty services and professional services, Eric specializes in manufacturing, distribution, logistics, construction, trades, product, IT and technology businesses into the $millions.  The office is conveniently located about 1 mile west of 23/475 and Central Avenue interchange.  Our office covers Northwest Ohio and Southeast Michigan.

Why This is the Best time to Sell a Business

1.    Economic Flux And Instability

The world markets have been volatile for the last few years, and things have been in turmoil. But in 2022, the economy is rebounding in a big way. The GDP is forecasted to return to normal, meaning big companies are looking to acquire smaller ones. This presents a great opportunity for you to sell your business.

2.    Stockpiling Of Cash By Strategics

As the economy picks up, companies will start acquiring companies significantly. Fortune 500 companies and other strategic corporate buyers have been accruing cash through this time. There are trillions of dollars being saved by these companies. And these companies will primarily use all this cash for one purpose - acquiring other companies.

3.    Risk Premiums Are Lower

Despite the profound effect the pandemic has had over the last few years, the market risk premiums are lower today than before. The Federal Reserve has worked to keep inflation low, making the market great for investors. This makes selling your business a much less risky option today.

4.    Recession Survival

A huge number of companies in the US have shut down in the last few years. Another economic downturn might be coming, which might be tough to tide over. Also, the economic recovery is projected to be robust. If your company has survived and thrived, now is a good time to start thinking about selling your business.

5.    Supply And Demand Issues

Businesses today have been plagued by supply and demand issues. This makes the market a difficult place to grow or move forward. As more companies continue to flood the market, things are only going to become more difficult. Selling your business at this juncture seems a great way to move on to something else.

6.    Diversifying Is The Way To Go

More entrepreneurs today are opting to diversify their portfolios. In volatile times like these, diversification lowers risk and improves returns in the long run. As this process continues, these entrepreneurs are buying several companies. This is a great time to move on from your existing business.

Six Golden Rules of Selling a Business in Ohio

1.    Make Your Proposition Attractive

To sell your business, the first thing you need to do is make an attractive business proposal. Highlighting how your business can help buyers achieve their goals is a huge part of the sales process. Remember to properly define the value of your business to potential sellers. It’s not just about the monetary value but the intangibles too.

2.    Recognize Your Strengths (And Weaknesses)

Selling a business is about being aware of its strengths and how they contribute to a buyer’s portfolio. Here, you are setting up the stage for your business to succeed. By focusing on your business strengths, you position it in a better light and put yourself in a better position to gain the buyer’s confidence.

3.    Understand Buyer Motivation

As a seller, you should know several things about your buyer. Find out what are the major drivers for the buying decision. It could be anything from growth, partnership, or diversification, just to name a few. Once you’ve understood that, creating a pitch for your business becomes easier.

4.    Carry Out Thorough Due Diligence

The due diligence phase is perhaps one of the most important when selling a business. Detailed investigation of every aspect of your prospective buyers is mandatory. There might be unresolved issues that might affect you after the sale. This can include legal claims, customer problems, and environmental issues, just to name a few.

5.    Work Out A Strong Negotiation Position

Negotiations are a critical part of the selling process. You need to be aware of how your business relates to the buyer. This is where you double-check on overly optimistic projections and forecasts. This can compromise your credibility leading to the buyer walking out. At the end of the day, the party that does well at the negotiation table walks away with the deal.

6.    Turn To The Experts

Managing all this and a business can be hectic even for the most accomplished people. It is why you have the option of relying on experts like First Choice Business Brokers. We’ve been securing business sales for our clients in Ohio since 1994. We have experienced and certified people heading our office in Toledo.

Selling a Business - FAQs

1.    How Easy Is Selling My Business In Ohio?

Selling your business is not as quick and easy as it was before. Several things can affect your business sale price. You also need to get the timing right, or the sale can be delayed forcing you to lower your price.

To alleviate all this, you could approach a business broker. They can help you sell your business quickly and easily. They also have a huge network of people who you can approach.

2.    What Should I Do To Get The Highest Sale Price?

Getting the best sale price for your business can be challenging if you’re new to the process. You need to ensure that several things align. Here are a few of them -

●        Desirable business proposal

●        High profitability

●        Detailed legal documentation

●        No legal or environmental issues

●        Caters to buyer requirements

These aspects of business sales can sometimes become overwhelming for you. It is a great reason to hire an expert business broker like FCBB.

3.    Can I Sell My Business On My Own?

Selling a business by yourself can take you considerable time and money. If you’ve done it several times before, you might be able to secure a lucrative deal. It might also be risky because you might not have the required network to give you the best price. But for a majority of the sellers, opting for a business broker is the best option they have.

A business broker can get your business the best price in the market and quickly. It enables you to move on to other things you’ve planned after selling your business.

4.    How Long Does It Take To Sell A Business?

There is no definite answer to this as it depends on a huge number of factors. But even today, a business broker is the quickest way you can sell your business. A brokerage agency can take care of anything from a business proposal to financing. They are a powerful ally to you during the sales process.

5.    How Can A Business Broker Help My Sale?

Business brokers help business owners and buyers in their dealings with other interested parties. A business broker thoroughly understands all aspects of the business, including the industry, the owner’s personal situation, and what the buyer wants. Business brokers provide advice, negotiate the terms of the sale, and assist with legal documentation.

6.    What Can And Can’t Business Brokers Do For Me?

A business broker cannot help you sell a business if it is overpriced or your expectations from a sale are too high. They can get you the best deal, but you should understand that a market has limitations of its own. A business broker can give you great recommendations based on their experience with your business and the current market.

7.    What Kind Of Buyers Will I Have Access To?

As a business owner, you might have a network of other business owners. While this is a good place to start, during a sale, you need a bigger circle to get the best rates. A business broker’s network is significantly larger and more diverse than yours. They can also put you through to investors and strategic acquisition companies who can buy your business.

8.    Is Seller Financing Important To Sell My Business?

Like buyer financing, seller financing has become a vital part of this process. Studies have shown that, on average, sellers only get about 70% of their asking price during a sale. With proper financing, their average increases to 86%. This is another important reason you should opt for a professional business broker.

9.    Are There Taxes Involved In Selling A Business?

Yes, taxes are levied on buying and selling a business. Business owners can reduce the percentage of taxes by treating their sales as capital gains. Getting in touch with a business broker can help you determine how to reduce your sales tax.

10.     What Are Your Payment Terms?

As a professional business brokerage agency in Ohio, we do not have any initial fees. You pay us when your business sale is closed. We believe that is the right way to handle a business sale.