The Entreprenur's Edge E25-28 with Bill Kelly

The Entrepreneur’s Edge with Bill Kelly
Expert Advice on Buying and Selling a Business 
 on the IBGR. Network ...The World of Business at Your Fingertips
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Week 7, Episodes 25-28, 

Post-Closing Support and Sales Process Review 
Welcome to week 7 of the Entrepreneur’s Edge with Bill Kelly

Quote of the Week: “Everything you’ve ever wanted is on the other side of fear.”  –  George Adair 

Week in Review: The end of the year is upon us. 2021 was an incredible year for Transworld of Richmond. We shattered all our previous listing and sales records. 

If you, or someone you know, is interested in selling a business or buying a business, considering purchasing a franchise, or perhaps you have a successful business and are thinking of becoming a franchise. Please contact me. My team and I can give you solid advise and help you accomplish these goals. 

Transworld Business Advisors of Richmond. Transworld is the largest seller of small businesses in the US with over 300 offices in 21 countries, and we have the experience and resources to advise you and professionally manage your business sales and acquisition transactions.

Contact me, Bill Kelly, Transworld Business Advisors of Richmond, VA ● 804-510-0670 ● bkelly@tworld.com

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Episode 25 Training the New Owner and Providing On-going Support

Review of Sellers Post-closing obligations

1. Transition of Management.  Post-closing Sellers usually have several days, weeks or even months of training and assistance obligations to the new Owner. Ask your Broker to facilitate a meeting prior to closing to make a transition plan with the new owner. 
   
   
   
2. Changing Asset Ownership. Helping a new owner get control of the intangible assets can be difficult. Items such as, websites, social media sites, software, PC passwords, patents, copyrights, and trademarks will take time and effort post-closing. 
    
3. Transitioning Customers. Assisting the new owner with contacting key customers is central to the successful hand-off of your business. Planning with the new owner and delivering the right message to your customers is essential.
   
   
   
4. Transitioning Vendors. Assisting the new owner establish a business relationship with your vendors and suppliers can be time consuming but is always to your mutual benefit. There will usually be applications and procedures the new owner will need your advice on. 
   
   
   
5. Checking in and Consulting Post-closing you should periodically check in with the new owner and offer your assistance if needed. A long-term relationship with the new business owner can lead to other opportunities and build your reputation in the industry.  
    

Tags: Selling a Business, Business Brokers, Post-closing, Consulting, Document Management, New-Owner, Transworld Business Advisors  

​EPISODE 26 Review of the Transworld Business Sales Process
Each step of the process leads to a successful transaction   

1. Pre-Marketing Collecting Information, Packaging Business Offering, Sharing the Opportunity with Strategic and Pre-Qualified Buyers
   
   
   
2. Marketing the Business Listing on web sites, direct mail, and conducting telemarketing.
   
   
   
3. Due Diligence/Lending Preparation  Preparing business documents for inspection. Recommending Professionals
   
   
   
4. Facilitate Offers Processing inquiries obtaining NDAs
   Qualifying Buyers Reviewing Buyer Profiles
   
   
   
5. Facilitate Due Diligence Coordinate information flow between Buyer and Seller 
   
   
   
6. Landlord/Financing Approvals Manage flow of information for lease and lender approvals.
   
   
   
7. Closing Documents Sharing documents and assisting closing attorney to facilitate closing.
   
   
   
8. Post-Closing Transition Facilitate planning meeting between Seller and Buyer to plan for transition activities.  
   
   
   

Tags: Closing on your business, Business closing, Selling a Business, Business Brokers,  Buying a Business, Business sales process, Transworld Business Advisors  

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Episode 27 Review of Business Sale Documentation Requirements
Ninety percent of the documents required for lenders and closing are supplied by the Seller.

1. Past Three to Four Years of Business Financials This will include profit and loss statements, income statements, end of year balance sheets.
    
   
2. Past Two to Three Years of Monthly Bank Statements All lenders will require this from the Seller to ensure the income and expenses of the business are accurate, and the business can pay the loan and still produce an income for the Buyer plus a profit 
   
   
   
3. Copy of Lease  The Buyer, his attorney, and possibly the lender will want to inspect the existing lease and new lease if its being changed.
   
   
   
4. Three to Four Years of Business Tax Returns All Buyers and lenders will want to examine the business tax returns.
   
   
   
5. Business Contracts A copy of all business contracts with vendors, suppliers, advertisers, partners, customers, and lenders that will convey with the business. 
   
   
   
6. Licenses, Permits, Certifications and Memberships The Buyer, closing attorney and lender will want to inspect any of these items that are necessary to continue operation of the business. 
   
   
   

Tags: Closing on Your Business, Business Closing, Selling a Business, Business Brokers,  Buying a Business, Business Documentation, Transworld Business Advisors   ​

Episode 28 Review of Services offered by Transworld Business Advisors Serving the needs of Entrepreneurs, Business Sellers, and Buyers for over 40-years.

1. Business Sales  We have over 600 professional business brokers who are fully trained and have the best resources in the industry.
   
   
   
2. Buying a Business Finding the right opportunity for your first business or purchasing for the growth of your existing business can be difficult. We have thousands of businesses for sale nationally and internationally.
   
   
   
3. Mergers and Acquisitions When your business is looking to expand through acquisition of investment we can help. Acquisitions over $20,000,000 are handled by out M&A professionals in our corporate office.
   
   
   
4. Franchise Purchase Consulting Transworld’s local office has several experts on franchise evaluation and purchasing. As previous and current franchise owners we can guide you through the process of finding and evaluating the right franchise for you.
   
   
   
5. Franchise Development Transworld has the resources and experience to assist you in evaluating if your business is ready to franchise. We can guide you through the documentation and filing process to becoming a franchisor, then assist you in marketing your opportunity to potential franchisees all over the world. . 
   

Tags: Selling your Business, franchising your Business, Buying a Business, Buying a Franchise, Business Brokers, Transworld Business Advisors  


Short Bio: Bill Kelly is a Senior Business Broker and Franchise Consultant for Transworld Business Advisors of Richmond, VA. He is also a Licensed Virginia Commercial Real Estate Agent. Bill has been a lifelong Entrepreneur and has personally started or purchased and then sold eleven businesses. He lives in Richmond, Virginia, with his wife Rebecca, and has two daughters, and one granddaughter. 
   
Contact links: bkelly@tworld.com

Social Media:     Facebook: https://www.facebook.com/BillKelly1955
        LinkedIn: https://www.linkedin.com/in/billkellyprofile/
Website:     https://www.tworld.com/agent/billkelly/

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