What should business owners be doing now if they're thinking about selling in 2026 or beyond? In this episode of Transaction Talk, Jennifer Fox and attorney Eric Sigman break down the key steps sellers can take to prepare for a smoother, more successful exit. Drawing on years of experience, they explain why a business sale typically takes around nine months from preparation to closing, why you can't treat it like listing a house, and how confidentiality, timing, and emotions all factor into the process. Jennifer and Eric discuss why it is essential to understand your numbers and tax implications, as well as document processes and clean up books and records, before due diligence begins. They also delve into why buyers pay for proof rather than potential, and how to find the right team of professionals to make the deal go smoothly. To hear the steps for navigating an exit and a practical roadmap for selling on your timeline and not the buyer's, tune in now!

Key Points From This Episode:

• What most people get wrong about how long selling and exiting a business takes.
• Hear why you should start early to avoid rushing to market or reacting under pressure.
• Learn how the emotions of many sellers makes the selling process more intense.
• Explore how confidence and control can positively influence buyer perception.
• Discover how clean documentation, books, and records build buyer confidence.
• Why it is critical to talk with your CPA about the tax implications of selling, before selling.
• Uncover how proper due diligence before selling can maximize value and reduce friction.
• The distinction between "proof" and "potential" and why buyers pay for what's documented.
• Understand why establishing your full team of professionals early is essential.
• Find out how preparing early for a sale helps you take control of the timeline.

Tip of the Day: If you're thinking about selling your business, start preparing now and talk to your CPA and financial advisor early so you can sell on your timeline, with fewer surprises and better leverage at the negotiating table.

Links Mentioned in Today's Episode:

Jennifer Fox on LinkedIn

Eric Sigman on LinkedIn

Transaction Talk

Disclaimer:

The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

A Letter of Intent may not be legally binding, but it can determine whether a deal moves forward or falls apart. In this episode of Transaction Talk, hosts Jennifer Fox and Eric Sigman break down the role an LOI plays in buying and selling a business, and why it deserves serious attention from both buyers and sellers. They explain what an LOI is, what it typically includes, and how it sets expectations around price, structure, timing, contingencies, and exclusivity. The conversation covers how LOIs provide a framework for due diligence and financing, how exclusivity protects buyers during the process, and why clear timelines help prevent deals from stalling. The episode also explores working capital, financing terms, and how sellers evaluate competing offers. Eric closes with a practical reminder that even when it is nonbinding, an LOI carries weight and should be approached thoughtfully. Listen in for a clear, practical breakdown of how LOIs guide successful transactions!

Key Points From This Episode:

• What a Letter of Intent (LOI) is and why it starts most business transactions.
• How LOIs, term sheets, and offers are commonly used interchangeably.
• Why buyers use LOIs to show seriousness and begin due diligence.
• Laying out a purchase price structure and why it matters more than a single number.
• Why written terms carry more weight than verbal agreements.
• How LOIs create a working framework before diligence costs begin.
• The importance of timelines and target dates in preventing delays.
• What exclusivity means and how it protects buyers during due diligence.
• Common contingencies like financing, diligence, and approvals.
• The difference between binding and nonbinding LOI terms.
• Why working capital expectations surface early in deals.
• A reminder to take LOIs seriously, even when they are nonbinding.

Tip of the Day: Take Letters of Intent seriously, because even when they are not binding, they set the framework and structure of the deal.

Links Mentioned in Today's Episode:

Jennifer Fox on LinkedIn

Eric Sigman on LinkedIn

Ruberto, Israel, & Weiner

Transaction Talk

Disclaimer:

The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

Overcoming challenges is important, but what if you could prepare for them before they ever surface? In this conversation, Steven Hanson joins us again to share from his wealth of hard-earned experience and practical knowledge around transactions, deal challenges, and how to resolve them before they become deal-breakers. As Partner of the San Diego Transworld office, one of the top-performing offices in the network, Steven has been a business owner and broker for almost 12 years. Together, we dive into in-depth examples of what can happen once due diligence is complete, but a deal continues to drag on, and a buyer repeatedly pushes for additional concessions. Steven unpacks how to navigate these moments, manage expectations, and protect the integrity of the transaction. Along the way, we touch on key considerations around leases, asset sales versus stock sales, contractual nuances, and the often-overlooked power of simply knowing when and how to say no. This episode is a practical look at preparing for challenges in advance, so you can operate your business and approach transactions with more confidence and control. Thanks for listening!

Key Points From This Episode:

• Introducing Part 2 of our conversation on deal challenges with expert Steven Hanson.
• Challenges associated with the deal that Steven is currently working on.
• The supportive role of a broker in navigating concessions between buyers and sellers.
• Considerations to help determine whether or not to extend a lease as a business owner.
• An example of resolving a recent issue between landlord and tenant.
• Managing expectations and making informed choices as a renter.
• What changes when a transaction goes from an asset sale to a stock sale.
• Understanding the contractual implications of changing a transaction type.
• The tax implications of changing from one transaction type to another.
• Preparing for deal challenges and operating your business with this in mind.

Tip of the Day: Sometimes you just have to be prepared to say no. That's it. Hold your ground, say no, and then keep your mouth shut. It can be very effective when you put it back on the other person. Sometimes you just have to be ready to say no.

Links Mentioned in Today's Episode:

Steven Hanson
Steven Hanson Phone Number
Steven Hanson Email
Jennifer Fox on LinkedIn

Eric Sigman on LinkedIn

Transaction Talk

Disclaimer:

The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.