For many people, the process of selling a business can seem like a daunting task. It can come with personal, organizational and financial concerns that may seem overwhelming at first. That’s why it is important to partner with an experienced provider you can trust to ensure your success and the future success of your business.
The MENTOR Network has completed numerous transactions, and our experienced team is in place to ensure a smooth, seamless process for the individuals served and their families, as well as employees and business owners. Many members of our operations management team have joined The Network via an acquisition—making us uniquely positioned to understand the needs of business owners and their employees throughout the process of a sale or merger. We’re proud of the partnerships we’ve created and the manner in which we have completed each transaction.
What is the Process for Selling My Business?
The process has several phases. In the first phase we execute a confidentiality agreement that binds us to not disclose any information that we learn about your company. We will not even disclose that we’re having discussions. In the second phase, assuming that you wish to proceed, we discuss your needs and review both financial and operational information that you provide. Our objective is to come up with an agreement that meets both organizations’ needs.
The third phase is to formalize our agreement in a letter of intent that defines terms, timing and value. Once we come to an agreement, the next phase is due diligence, where we verify the information provided in Phase 2. We typically use this time period to create a transition plan and work closely with you to ensure all details are understood and addressed. This period of planning is critical, as we aim to complete the transaction and ensure that the transition proceeds smoothly for everyone, especially employees and individuals receiving services.
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What Will I Be Paid For My Business?
Unfortunately, there is no simple formula that will tell us what a business is worth. Each company is different, and we take many variables into account as we consider each potential acquisition on a case-by-case basis. We provide interested parties with a simple document-request list in order for us to make an informed judgment in an efficient manner.
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How Would an Acquisition by
The MENTOR Network Impact My Employees?
The MENTOR Network is driven by employees who make a positive impact in the lives of thousands of children and adults across the country. We view acquisitions as an important part of our commitment to recruit talented people to help us to continue to deliver the highest quality services. It’s our expectation that you’ll provide an assessment of your management team and staff during the diligence phase to help guide personnel decisions after the acquisition is complete. Historically, we have retained virtually all employees of organizations that have joined The Network via acquisition.
Once we have a signed purchase agreement, which occurs in phase 3 of our process, our human resources and operations personnel meet with your employees to discuss the on-boarding process, explain benefits and payroll, and answer questions they may have. We understand that there is always a certain amount of stress for employees when there is a change in ownership. We want to minimize any anxiety so that employees can continue to focus on delivering quality-of-life-enhancing services. Our team also meets with staff after the acquisition is complete to ensure that benefit and payroll information is complete, new employee trainings are scheduled, and staff have access to the resources they need to ensure a smooth transition.
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Can I Stay on and Continue to Work with The MENTOR Network?
Some owners prefer to sell the business and go off to do other things or retire. Some wish to stay with us for an interim or transitional period. Others stay for a longer period or are interested in building a career at The MENTOR Network. Members of our operations management team came to us via acquisition and continued to grow their careers with The MENTOR Network. We’ll discuss your preferences as a regular part of this process.
How Would I Go About Starting the Process?
Simply reach out by phone or email so that we can set up some time to talk. A face-to-face meeting is often very helpful for each side to get to know the other.
Phone: 617-790-4800 (ask for Heather Lesogor)
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How Can I Be Sure Others Won’t Know
That I’m Considering the Sale of My Business?
The first step in the process involves signing a “Confidentiality Agreement.” You may also hear it called a “Non-disclosure Agreement.” These agreements are standard and will be signed by both parties early in our discussions. It requires that we maintain strict confidentiality throughout the process.
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