10 Steps to Sell Your Business

Selling a business you spent decades building is a decision most owners make only once. A clear process removes much of the uncertainty. The 10 steps below outline how First Choice Business Brokers (FCBB) takes a business from first conversation to a closed sale, confidentially and with your value protected at every stage.


Since 1994, FCBB has helped owners sell, with roughly $15 billion in transactions across the network. About 87% of the businesses we take to market close, sellers receive about 94% of asking on average, and once on the market our average time to close is about 4.7 months, compared with an industry range of 9 to 12 months.


A Strategic Approach to Selling

Each step has a purpose: build a clear picture of your business, price it correctly, reach the right buyers confidentially, and guide the transaction to a clean close.


Here is what to expect:


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Start the conversation. Schedule time with a First Choice advisor. The first conversation is about understanding your goals and your business, with no obligation to list.


Prepare your documents. Gather the records your advisor requests ahead of your meeting, such as financial statements, your lease, and key operating details. Good preparation here tends to speed up everything that follows.


Work through discovery. Expect a thorough set of questions. The clearer the picture of your business, the better we can position it and generate genuine buyer interest in what you have built.


Determine market value. Using current market data and a careful review of your earnings, including owner discretionary income and expenses, we develop a defensible Estimate of Value and a Suggested Asking Price so your business is competitively positioned.


Authorize representation. When you are ready, a Listing Agreement gives First Choice the authority to represent you in the sale. You decide if and when to take this step.


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Approve the marketing strategy. We build a customized, confidential marketing approach for your business. You review and approve the listing's marketing, advertising, and proposed terms before anything goes out.


Engage buyers carefully. Your advisor screens every inquiry. Buyers sign a Confidentiality Agreement (NDA) before receiving sensitive details and provide proof of funds to show they can complete the transaction. This protects your information and keeps the process to serious, qualified buyers.


Hold confidential meetings. Your advisor arranges discreet meetings between you and interested, qualified buyers, so conversations happen on your terms and confidentiality holds.


Structure and negotiate offers. We help craft and present offers and focus on deal structure, not just price, working toward terms that protect you and make sense for both sides so the transaction can move forward smoothly.


Close and transition. From accepted offer to closing, your advisor manages the timeline and coordinates the parties involved, including landlords, lenders, escrow officers, and closing attorneys, to deliver a clean transfer of ownership.


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Initiate the Process: Kickstart your business selling journey by scheduling an appointment with a dedicated First Choice Business Sales Professional.

Prepare Essential Documents: Compile the necessary documents requested by your Business Broker in advance of your meeting.

Comprehensive Discovery: During your meeting, expect a series of in-depth questions that will help us develop a clearer picture of your business and determine the approach we will take to generate buyer interest in YOUR business.

Determine Market Value: Utilize proven methods, including First Choice's proprietary Market Price Analysis (MPA), which considers discretionary income and expenses, to ensure your business is competitively priced.

Authorization for Representation: Grant First Choice the authority to represent you in the sale of your business through a Listing Agreement.

Tailored Marketing Strategy: Collaborate with your First Choice Broker to craft a customized marketing approach for your business. You'll have the opportunity to review and approve the listing's marketing, advertising, and potential terms.

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A blue circle with the number eight inside of it.
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Vigilant Buyer Engagement: Your FCBB Broker will diligently oversee inquiries from potential buyers. This involves a critical step where buyers are required to sign a Confidentiality Agreement (NDA) to protect the confidentiality of your business information. Additionally, we will request that buyers provide proof of funds (POF)demonstrating their capability to proceed with the transaction. These essential steps help safeguard your business's sensitive information and ensures that only serious, qualified buyers are engaged.

Facilitate Confidential Meetings: Your Broker will discreetly arrange confidential meetings between interested buyers and you, the seller.

Expert Deal Facilitation: Rely on your First Choice Broker's expertise to assist in crafting and presenting offers. Beyond negotiation, our focus extends to strategic deal structuring, with a commitment to creating win-win scenarios for both parties involved. Our goal is to maximize value, address potential challenges, and ensure a smooth transaction process.

Seamless Transition: Your First Choice Broker takes the lead in managing the timeline from offer acceptance to closing, ensuring a seamless transition of ownership. This involves skillfully navigating interactions with potentially necessary third parties, including landlords, lenders, escrow officers, and transactional closing attorneys, to facilitate a successful and efficient closing process.

Maximizing Business Value: A Strategic Approach to Selling

The Strategic Steps to Selling Your Business with First Choice Business Brokers

A blue circle with the number 1 inside of it.
A blue circle with the number 2 inside of it.
A blue circle with the number three inside of it.
A blue circle with the number four inside of it.
A blue circle with the number 5 inside of it.

Initiate the Process: Kickstart your business selling journey by scheduling an appointment with a dedicated First Choice Business Sales Professional.

Prepare Essential Documents: Compile the necessary documents requested by your Business Broker in advance of your meeting.

Comprehensive Discovery: During your meeting, expect a series of in-depth questions that will help us develop a clearer picture of your business and determine the approach we will take to generate buyer interest in YOUR business.

Determine Market Value: Utilize proven methods, including First Choice's proprietary Market Price Analysis (MPA), which considers discretionary income and expenses, to ensure your business is competitively priced.

Authorization for Representation: Grant First Choice the authority to represent you in the sale of your business through a Listing Agreement.

Tailored Marketing Strategy: Collaborate with your First Choice Broker to craft a customized marketing approach for your business. You'll have the opportunity to review and approve the listing's marketing, advertising, and potential terms.

Vigilant Buyer Engagement: Your FCBB Broker will diligently oversee inquiries from potential buyers. This involves a critical step where buyers are required to sign a Confidentiality Agreement (NDA) to protect the confidentiality of your business information. Additionally, we will request that buyers provide proof of funds (POF)demonstrating their capability to proceed with the transaction. These essential steps help safeguard your business's sensitive information and ensures that only serious, qualified buyers are engaged.

Facilitate Confidential Meetings: Your Broker will discreetly arrange confidential meetings between interested buyers and you, the seller.

Expert Deal Facilitation: Rely on your First Choice Broker's expertise to assist in crafting and presenting offers. Beyond negotiation, our focus extends to strategic deal structuring, with a commitment to creating win-win scenarios for both parties involved. Our goal is to maximize value, address potential challenges, and ensure a smooth transaction process.

Seamless Transition: Your First Choice Broker takes the lead in managing the timeline from offer acceptance to closing, ensuring a seamless transition of ownership. This involves skillfully navigating interactions with potentially necessary third parties, including landlords, lenders, escrow officers, and transactional closing attorneys, to facilitate a successful and efficient closing process.