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If you’re looking to sell your business, you don’t have much time to waste on leads that go nowhere. East Coast Business Brokers aka East Coast Stores makes sure the buyers interested in your business are serious by using a prequalification process. Only interested buyers with the required capital are chosen for our listings. Buyer financial information is looked over with a fine-toothed comb to ensure we receive qualified leads before introducing those potential buyers to your opportunity.
Delicatessen Brokers posts buyer-interest ads via a search engine. By selecting the industry, location and capital information relative to your business, you (the seller) can get instant broker contact information.
If you post your business for sale on Delicatessen Brokers, it promises to deliver “proper” advertising and marketing opportunities. How targeted that advertising effort is, however, can be nebulous. But the company promises to deliver your posting via its monthly newsletter as well as targeted emails to interested buyers with listings that match a predetermined list of criteria.
One of the biggest hurdles in the retail sector is that we have with our entrepreneurial clients is that they have financial statements. that dont allways show up on T_X R__t_rns . Many times it’s from lack of caring and know-how, but sometimes it’s done non intentionally. 50 % of business owners dont have an exit strategy so we”East Coast Stores” will great the P & L for the seller if he or his accountant cant so we have proper representation.
How does a professional advisor, such as a banker, lawyer, accountant, or business broker advise their client when the business financials consist of a check book and a box of receipts? Or the situation where the business owner has one cash register that isn’t connected to the accounting system (because that one is for unrecorded cash), or the owner runs all personal shopping through the business, or takes a family of 12 on a Caribbean vacation son the business, or doesn’t use an accountant or bookkeeper at all?
The company’s tax return doesn’t resemble (in the slightest) the profit and loss statements and balance sheets. The examples of poor record keeping and tax dodges that we see go on and on. We Demand that all our Buyers conduct full diligence before moving to contract. Usually the Broker or our attorney we have on staff hold an earnest moneys deposit with an accepted offer in writing contingent to proof of sales. We ask that so we can sleep at night!
Let’s focus on the value of the business based on quality of financial statements for this purpose. As mentioned above, advisors are hard pressed to advise a client that has poor financials. We need to see revenue and margin trends, the relevant expenses, cash flow, sales by customer, liquidity, and much more. We need to know the true picture to know how the business compares to similar businesses in the industry, to recognize trouble spots, to find opportunities, to budget, and to plan an eventual exit and a decent offer.
The Exit:When a business is entertaining a potential buyer, will the buyer see a true picture of the business immediately or will they have to dig for the truth? The more they have to dig, the less trust they will have in the management(and the value of the business just went down). Will the buyer see a concerted effort to avoid paying taxes? What else might the seller be hiding? Can the buyer trust the seller (and the value of the business just went down)?
In most situations the buyer needs a bank to fund an acquisition. Banks don’t trust anything other than the tax return (and for good reason). You can see where this is going, can’t you? The bank doesn’t like the financials because they don’t match the tax returns, the tax returns don’t show enough cash flow so they tell the buyer that he is paying too much for the business (and the value of the business just got reduced again!).
Having accurate financial statements is not difficult, but it does take some focus and action. If you need help with getting your books in order,
CLICK HERE TO DOWNLOAD NDA CONFIDENTIALITY AGREEMENT
Buying or selling a business can be a daunting task. As a buyer you want to consider all your options to that you’re confident that you are making the best choice. If you're selling your company, you want to make sure its represented accurately and to as many potential buyers as possible. DelicatessenBroker make sure that we connect serious buyers and sellers and help find the right broker. We use 17 online marketplaces offer unique approaches to buying and selling, so choose the resource that’s best for you.Confidentiality remains anonymous.
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