The Business Sale Process
Selling a business is a process that involves various steps, as well as a lot of documents and formats, plus the involvement of various professionals in order to complete the operation. The following is a typical sequence of events for the sale of a business:
- Between Seller and Broker a sales price for the business is established.
- The Seller signs the sales contract with the Broker.
- The Seller collects all the important information of the business with help from the Broker.
- Seller and Broker get together in order to revise and organize the information of the business.
- A written confidential sales package for the business is put together by the Broker.
- The confidential promotion of the business is initiated in various types of media (our current buyer database, newspaper, digital marketing, magazines, etc.).
- The Broker receives and qualifies prospective Buyers.
- The Broker delivers information to qualified Buyers, after the signature of a Confidentiality Agreement.
- The Broker visits the business with the prospective Buyer.
- The Buyer, with the guidance of the Broker, structures a Purchase Offer, in which the conditions and contingencies to the purchase of the business are established.
- The Broker presents the written Purchase Offer to the Seller, accompanied by a deposit.
- When the Seller agrees to the offer, he accepts and signs the Purchase Offer contract.
- The Buyer deposits with the Broker in an escrow account the down payment for the purchase of the business.
- A closing date is established and the representatives for each party are working on the closing documents.
- On the closing day, inventory will be taken, documents are signed, and the business is turned over to the Buyer.
The main function of a professional Business Broker is to guide you and give you all the tools you need so that the sale of your business oversees every detail, and in the end becomes a highly gratifying experience.
If you are a business SELLER, don’t wait any longer to hold a completely free confidential meeting with us. We will be very glad to help you!