Not all business owners expect to make the decision to put their company on the market and then be inking a deal in 2 months, but that’s exactly the scenario for two of Bridgepoint’s recent business sales. Both a professional home care business and a medical device sales and service business received offers inside of 8 weeks that they could accept.
“Going into a sale with realistic expectations is key to moving things along this quickly,” says Travis Kellett, Owner of Bridgepoint Business Brokers. “When owners can enter into the process knowing what to expect from potential offers, there are no surprises and sometimes things can happen fast.”
Bridgepoint coached both companies in advance to ensure they understood the market terms and conditions and how buyers would approach the process and evaluate their companies. They also helped identify some issues potential buyers might see in the offer and were able to either resolve them or establish expectations around them for both buyers and the seller. When offers began to come in, the sellers were prepared for what they saw and could consider them appropriately.
Both businesses benefited from Bridgepoint’s approach to marketing including the use of social media to maximize exposure and directly promoting the businesses to their database of interested and qualified buyers.
“We make it a priority to maintain relationships with other professionals who might have insights into a potential buyer for the businesses we work with,” Says Kellett. “And in one of these instances, those relationships paid off and a contact recommended the eventual buyer.”
For both of these businesses, they were ready to make the move and it happened quickly. The market has active buyers who are looking for strong performing businesses at appropriate prices. To make the most of the current market, buyers must come into the process prepared and with realistic expectations.