Morgan & Westfield
2333 Alexandria Drive
Lexington, KY 40504
(888) 693-7834
Who We Are
Lexington, Kentucky, Office of Morgan & Westfield. The process of selling your business can be somewhat of an unknown for most business owners. As a business owner, you have been so focused on building a successful company that you would have had no reason to think about what selling a business entails. But now that you are considering selling your company, it is time to begin addressing this somewhat foreign task.
At the Lexington, Kentucky, office of Morgan & Westfield, we provide support and guidance to business owners who are contemplating the sale of their business. We will answer your questions, teach you about the sales process and ultimately facilitate a smooth and successful sale. We will also help you avoid common seller mistakes and overcome any obstacles that may arise. In addition to the continuous support that we provide, our business brokers offer a variety of business brokerage services that can be used to guide you through the technical aspects of the sales process. If you are interested in learning more about the services that we provide and how our business brokers can facilitate your business’s sale, contact the Lexington, Kentucky, office of Morgan & Westfield today.
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What to Expect from the Sales Process
Because our business brokers understand that this can be a somewhat unfamiliar process for you, we make it a point to teach you about the sales process before you begin to actually sell your business. As part of this learning process, our brokers will discuss many of the things that you can expect. A few of the items that we will go over with you include:
Confidentiality Agreements: Selling your business is entirely unlike selling your car or your house. You cannot put out a for-sale sign or openly advertise your sale publicly. You must maintain a discreet sale. This means confidentially marketing your sale (which we can do for you), telling no one about your sale until the sale is closed, and requiring anyone with knowledge of your sale to sign a confidentiality agreement. Taking these steps to maintain a discreet sale is incredibly important, as failure to do so can have serious consequences.
Dynamic Business Valuations: When our business brokers appraise your business and provide you with an estimate of your business’s value, you must remember two things. First, this is only an estimate, and that the actual value of your company depends on what a buyer is willing to spend in the open market. Second, many internal and external factors could have an impact on your company’s value, and they are constantly changing – meaning, your company’s value will probably change over time.
Buyer Training: Almost all business sales will include a clause in the sales contract that requires you to train your buyer for some period of time. The specifics of this clause will vary from one sale to another; however, it is important that you are prepared to complete this obligation. The purpose of this training period is to ensure that the transition from one owner to the next goes as smoothly as possible without affecting your company’s productivity.
Non-Competes: The majority of sales contracts will include a clause that requires you to sign a non-compete. A non-compete agreement is a contract that prohibits you from opening another business that is in competition with the business that you are selling. The terms of this contract will vary from sale to sale, but you should be prepared to sign one of these contracts.
Negotiating with Buyers: When you discuss your sale with prospective buyers, they will expect to negotiate with you. For this reason, buyers will often make a low initial offer. It is important that you understand that they are expecting to negotiate with you and to be prepared.
Seller Financing Options: Although you will never be required to finance your own sale, there are many advantages to doing so. So if you have the means to finance your sale, it is something worth considering.
Avoid These Common Seller Mistakes
In addition to teaching you about what to expect from the sales process, our business brokers also work to teach you about common seller mistakes. By making you aware of the mistakes that are commonly made by other sellers, we are taking steps toward preventing these same mistakes from being made during your sale. Some of the common mistakes that our business brokers will discuss with you include:
Taking negotiations personally.
Telling your employees that you are selling your business before the sale is closed.
Working with unqualified buyers.
Failing to make it clear to your buyers which assets are included in your sale.
Failing to consider the tax ramifications of selling your business.
Refusing to maintain a level of flexibility with the way you view your company’s value.
Failing to be accommodating to your buyer.
Failing to prepare for your sale before you enter the sales process.
Business Brokers of Kentucky’s Bluegrass Region
At the Lexington, Kentucky, office of Morgan & Westfield, our business brokers work exclusively with the business owners of our local communities. We place a particular emphasis on working with business owners in the communities of:
Lexington, Versailles, Alton, Anderson City, Lawrenceburg, Cornishville, Salvisa, Pinckard, Keene, Nicholasville, Wilmore, Vineyard, Shakertown, Burgin, Harrodsbugh, Bryantsville, Danville, Lancaster, Buckeye, Kirksville, Paint Lick, Richmond, Brassfield, Winston, Waco, Bybee, College Hill, Ford, Colby, Pinchem, Westbend, Winchester, Jeffersonville, Camargo, Mt Sterling, Judy, Clintonville, Sharpsburg, East Union, North Middletown, Millersburg, Paris, Colville, Centerville, Shawhan, Cynthiana, Connersville, Sadieville, Georgetown, Stamping Ground, Peak Mills, White Sulphur, Midway, Millville and Frankfort.
By exclusively serving these communities and the neighboring communities that make up this region, our business brokers have developed a unique understanding of the dynamics of this marketplace. This market knowledge coupled with our brokers’ hundreds of years of combined experience in facilitating business sales enables us to facilitate hundreds of successful sales each year. To learn more about how we can facilitate your business’s sale, contact the Lexington, Kentucky, office of Morgan & Westfield today.
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Learn more about selling or buying a business by listening to our podcast, Deal Talk
Morgan & Westfield is dedicated to helping business owners advance their company and prepare for its eventual sale. Our podcast “Deal Talk” provides business owners with expert advice from top professionals in the brokerage industry. We interview investment bankers, tax advisors, business brokers and more in order to garner insights into growing a business, developing an exit strategy and preparing that business for sale. Learn their secret to success on “Deal Talk.”
Enhancing Value With Your Exit in Mind
Knowing what your competitors don't know can give you and your business a huge advantage. How well do you know your own customers, your competitors’ customers, and the market in general? The answer to this and other important questions about your...View more
The Importance of Specialized Accountants to Reveal your Company's Value
Business appraisals and financial audits are necessary, but sometimes the numbers just don’t add up. If you suspect that everything isn’t being properly accounted for, you may have to call upon the services of a forensic accountant. But what is a...View more
The Art of Selling a Business: An Artist’s Perspective
As a business owner, you dream of success, profits, satisfied customers, and--hopefully--of someday retiring to start that next chapter of your life. But not all business owners retire after selling their companies. As a young family man with a...View more
View all Podcast Episodes
Businesses for sale
Business for Sale in Montgomery, Pennsylvania (RGD-257)
#1 Nationally recognized brand name full-service specialty repair and replacement franchise with a strong, repeat customer base. This 50 year old company is a category leader and is the largest full-...View more
Business for Sale in Woburn, Massachusetts (RST-799)
Absolutely no experience required. Twenty-five-year-old custom marketing solutions business offering signs, print, marketing, graphics, vehicle wraps, vinyl banners, displays, vehicle wraps. The...View more
Business For Sale in St. George, Utah (RGD-780)
Highly Confidential Sale - #1 Nationally recognized brand with as little as 20% down. Join the largest full-service company in this billion-dollar recession proof industry. This is a goldmine in the...View more
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Past Transactions - Business Sales or Appraisal
Following is a representative list of past transactions we have worked on:
Accounting Firm
Accounting Practice
B2b Wholesale
Baby Products Retailer
Cafe & Restaurants
Cake & Pastry Mfg.
Dance Studio
Data & Web Hosting
Ecommerce Website
Education Company
Fabricated Metal Mfg.
Family Clothing Store
Garbage Collection
Garden Center
Hair Studio
Hairdressing & Beauty Services
Ice Cream Mfg.
Ice Cream Shop
Japanese Restaurant
Jeweler Store
Landscape Service
Landscaping & Lawn Maintenance
Magazine & Periodical Publishing
Magazine Publisher
New Auto Dealer
Newsletter Publisher
Office Staffing Agency
Office Supplies Store
Paint & Decorating Retailer
Painting Contractor
Ranch Property
Ready-Mixed Concrete Mfg.
Scenic & Sightseeing Transport
School
Taxicab Company
TCBY
Used Clothing Store
Used Equipment Sales Company
Vending Machine
Yarn Mfg.
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