Business owners that have sweated and sacrificed to build a company usually have little experience in selling a business. But for most owners, the sale of a business will be the single largest financial transaction of their lives. Our Compass M&A Services offers a guided approach through the many challenges of realizing maximum value for a business. The following are some of the most frequently asked questions we hear regularly. We want to hear your questions about selling your business, so please find out how to get started with Adventum Group after you've reviewed our FAQs.

How Long Will it Take to Sell a Business?
Generally speaking, it takes between nine-to-twelve months to prepare the business, identify strategically appropriate and financially qualified buyers, facilitate offers, manage the "due diligence" process and close a transaction. However, many factors affect the length of time, such as your company's business focus, financial performance, employee retention levels, partner relationships, price, stockholder structure and various subjective factors. Your level of commitment and flexibility are perhaps the greatest factors determining the duration.

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What Types of Acquirers Can I Expect?
Qualified buyers fall into one of three categories: strategic, financial and synergistic. Strategic buyers are usually interested in acquiring companies that complement or augment their own business. They often separate the benefits of the strategic fit from the actual financial results. Financial buyers are most interested in generating cash flow and return on investment. The synergistic buyer may pursue your business as a reactive move to a competitor or as a means to extend its product or service offerings. In all cases, the company's value will be driven by what the acquirer thinks the target company offers that will help them to achieve their business objectives.

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What Types of Offers Can I Expect?
Many buyers will approach your business in the same way you might approach buying a car or a home. In other words, they'll initially offer a much lower amount than what your business is worth. They are measuring your willingness to negotiate and sell the business. They do not really expect you to accept the initial offer-nor should you expect them to accept your initial counter offer. Keep in mind that every offer will have due diligence contingencies. This is perfectly normal. It is a way of giving the buyer a chance to check out the business before closing on the transaction. The art of Dealmaking is a core competency of Adventum Group, and we can guide you through the negotiation process so you can close the best offer available.

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How Do I Negotiate a Good Deal?
An experienced merger and acquisition advisor from Adventum Group will coordinate the submission of qualified buyer offers. We know how to correctly position offers and focus on presenting offers that are within your asking range. We have a proven methodology for minimizing your time invested with unqualified buyers. However, don't always expect the highest price to always be the best deal. It is important to evaluate payment terms, cultural mesh and transition commitments in relationship with price. At Adventum Group, we negotiate deals based on market realities and the stated objectives of our clients.

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Will a Buyer Expect Me to Stay with the Business for a Certain Length of Time?
If you currently manage your business, most buyers will expect you to assist in the initial transition. This varies by industry; for example, acquirers often expect software and information technology owners to stay on for a few years. Seasoned management talent is scarce, but these are details that can be negotiated. Most sellers want to be involved in the transition since they have a great deal invested in the company and want to ensure that current employees and customers are well cared for by the new owners.

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Will I Need to Sign a Non-Compete Agreement?
In most cases, buyers are very concerned about limiting your ability to "hang another shingle" and competing with the company during the transition period. To protect their investment they generally require you to sign a non-compete agreement. During this period you are usually precluded from competing within the company's industry or within a geographic area.

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What Are Some of the Most Important Things I Should Look Out for During a Sale?
We get asked this one a lot, so we summarized them on a dedicated Web page. Please read our top ten tips.

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When Should I Tell my Employees About a Pending Sale?
Every seller is unique in how they announce this news. However, it is critical to quickly decide on timing and the message. Under no circumstances should employees learn about the pending sales from the rumor mill, news media or the buyer. A well-timed, consistent message is a must and can sustain trust, increase loyalty and avoid damaging rumors. Most buyers will restrict you from discussing the pending transaction with anyone outside of the "have-to-know" circle. Once the transaction closes, the buyer and seller must coordinate the release of news and share a consistent message. Adventum Group offers a proven methodology for managing confidentiality throughout the transaction process.

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Are There Special Things I Should do While Selling my Business?
Stay focused on the operational performance while selecting a trusted and proven M&A firm that can guide you through this process. You need a clearly defined and documented exit strategy-and the ability to implement this strategy according to plan. It is critical to the value of the business that the financial performance of your business is maintained throughout the sales process. A full-service merger and acquisition advisor from Adventum Group will enable you to minimize the distractive nature of the process. You need to keep your eyes on the road and keep a steady hand. You must remain focused on operational performance while selecting a transaction and advisory firm that can guide you through the transaction process. During this timeframe, you should:

• Continue to drive revenues, utilization rates, gross margins and profits. The trailing twelve months of financial history usually has the biggest impact on the valuation.
• Retain all productive employees.
• Generate sales leads and positive industry buzz.
• Minimize extraordinary expenses and avoid extraordinary bonus payments.
• Keep working normal hours
• Meet only with potential buyers that your advisor has fully qualified.
• Carefully document items excluded from the sale.
• Resolve any actual or pending litigation.

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Why Should I Select Adventum Group?
That's a good question, and one that we love to hear. Please read further about why you should select Adventum Group, or get started today so we can answer this for you personally.

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