The successful closing of the sale of NDT Laboratories in early October was preceded by a complex and lengthy process. Through it all, your professionalism, competence and support was outstanding.
We engaged BTl Group, Greg Carpenter, VP, to represent us for the sale of Nova Microwave. Greg provided a plan to package and market the business while maintaining confidentiality about the sale. Together, we created a confidential business review that gave a comprehensive overview of the company, its history, operations, finances and assets. We prepared a due diligence document file to facilitate the sale prior to going to market. BTl Group worked as a team to contact prospective buyers using target marketing and online advertising.
We received three offers and decided to go with the best buyer: another company in the same industry that presently owned and operated six similar companies. The transaction happened quickly, with a minimum of due diligence and no need for third party financing, making it an easy process for me. We started in February and closed the sale in July, a relatively quick sale by industry standards.
Greg and his associates at Business Team generated sufficient activity to bring multiple competing offers. Greg provided valuable advice as we negotiated and I made an agreement with the best buyer. Then we began working through the due diligence phase. I was very concerned about releasing all of the financial information to the buyer and his accountant, but Greg convinced me that it was the correct thing to do. We all worked together providing documents and information until the buyer’s accountant approved the books and records. Meanwhile, the buyer’s agent at Business Team and Greg worked with three SBA lenders to obtain financing for the buyer.
Overall, I was completely satisfied with the job done by Business Team and Greg. The sale was completed in a timely manner, communications were excellent, problems were solved and the escrow closed on time. I recommend Greg Carpenter and Business Team to business owners who want to sell their businesses using professional representation.