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Whether you’re a buyer or seller of a business, there are a few shared steps involved in the initial stages of the business transaction.
1. Gather & organize personal information: A seller needs to get his/her books in order – a buyer will need to provide personal financial information, financial capabilities and a business plan. This first step is the foundation for being prepared!
2. Establish value: A seller should have a general understanding of what his/her business might be worth – a buyer needs to have an understanding of what their financial capabilities are.
3. Determine the best timing for YOU: How soon do you want the transaction to materialize? For example – if a buyer is looking to purchase a landscaping company in Michigan, purchasing it in the spring versus the fall will obviously affect their initial revenues for the first year. Of course, if you were to purchase the landscaping business in the fall versus the springtime, it might have an affect on the price too.