Why BNO Started
How and Why BNO Started:
After specializing in business transactions as an attorney for almost ten years, John Naayers founded Business Network of Ohio, LLC (BNO) in 1997 on account of the numerous encountered unprofessional and unqualified actions and inactions of business brokers he had observed as a transaction attorney, such as:
- Over valuing a business’ worth to obtain a listing.
- Requiring a substantial engagement listing fee and then doing essentially nothing more than posting the business on a for sale website.
- Not observing the required level of confidentiality and such resulting in competitors, employees and customers becoming aware of the business being for sale.
- Wasting valuable time with and releasing confidential information to prospective buyers that were not finically qualified.
- Advising a business owner to sell now when it was not in their best interest.
- Not providing proper pre-sale advice or preparing a proper Sale Prospectus to maximize the sale price and terms.
- Not marketing the business properly and thoroughly with the required amount of effort and creativity.
- Not having an established network of potential buyers and professional sources that can refer potential buyers.
- Not possessing the proper knowledge, experience, and creativity required to successfully structure the terms of a difficult sale.
- Not possessing legal business transaction knowledge and experience to better advise a seller.
BNO has been very successful in brokering the sale of numerous businesses throughout Ohio in a wide range of industries on account of BNO’s attention to the foregoing concerns.
You may not be aware that in the State of Ohio there is no State monitoring, licensing or minimal requirements for one to call himself a business broker. This is why it is paramount that you select a qualified and experienced person to sell your business.
Engaging BNO to sell your business ensures that an experienced professional business broker will be brokering the sale of your business pursuant to strict confidentiality and a well-established and proven process. Most likely, BNO has successfully brokered the sale of a business very similar to your business.
BNO Selling Process
A business must be “sold” not only to an interested buyer, but also to its involved accountant, lawyer, lender and other involved advisors. BNO knows what all these people need and knows how to best present it to ensure a smooth and efficient sale process that maximizes the sale price.
- Initial assessment, analysis and valuation. BNO and client must be on the same page
- More entailed information gathering and valuation
- Preparation of business summary / prospectus and unidentified announcement flyer
- A tailored marketing plan is utilized
- 2-Step for inquiries = confidential / non-disclosure agreement financial qualification
- Provide Business Summary / Prospectus
- Buyer’s initial due diligence
- Negotiate and structure a deal
- Letter of Intent.
- Finalize a deal.
- Purchase Agreement
- Post Purchase Agreement due diligence and contingency satisfaction
- Hold deal together
BNO has the experience and expertise to successfully navigate the course required to reach a closing upon the most favorable terms.
Brokering the sale of a business is very unlike selling residential real estate where the goal is to immediately tell the world that such real estate is for sale.
BNO has been successfully brokered the sale of a wide range of businesses in the sale price range of $100,000 to $20,000,000 since 1997, such as:
Types of Businesses:
- Appliance Centers
- Asphalt Companies
- Collection Companies
- Construction Companies
- Convenience, Markets & Liquor Stores
- Driving Schools
- Electrical Contractors
- Golf Courses / Country Clubs
- Home Health Care
- Hotels / Motels
- Physical Therapy
- Plumbing & HVAC Contractors
- Printing & Graphics Companies
- Professional Practices
- Restaurants & Bars of all types
- Retail Businesses
- RV Dealerships
- RV Parks
- Service Businesses
- Tax Services
- Vehicle Dealerships
- Vehicle Repair Centers
- Wholesale / Distributors
Cities in Ohio:
- Bowling Green
- Cincinnati Metro
- Cleveland Metro
- Columbus Metro
- Dayton Metro
- Port Clinton
- Toledo Metro
- Upper Sandusky