We Will Educate on Business Selling Process
If you are a business owner who has come to the mindset of it is time to sell my business or even if you are just thinking about selling your business in the future, even years down the road, we are more than happy to consult with you on the process of selling the business. Our consultations will be totally free and with no obligation own your part. We will provide this advice and consult even if you are of the inclined to “sell my business myself” commonly referred to as “for sale by owner”.
Selling a business is a multi step process of crucial elements that improperly handled can inhibit or kill a sale or inhibit getting the best value for the business.
The following is some of the key elements in the business selling process
- Preparing the business for sale before it is put on the market enhances value and allows for a quicker sale.
- Finding and presenting the businesses for sale to the pool of best available buyers is crucial.
- Once a potential buyer is found, that buyer needs to be screened for financial capacity to perform. In simple terms, how are they going to get the funds to pay for the business. Also, potential buyers need to be screened for psychological suitability to own and operate the business successfully. Most business owners do not want to sell to a party that will cause the business to fail.
- Successfully completing the screening process, a confidentiality agreement needs to be executed with the potential buyer.
- Providing information to the buyer about the financials of the business and its operations.
- Negotiating the price and terms of the sale. Then putting that negotiation in writing in the form of a purchase offer or letter of intent.
- Facilitating and expediting the potential buyer in the due diligence process.
- Working with the buyer to secure funding for the financed portion of the purchase price. This is very important as roughly 90% of all business sales have a financing component. This includes getting to the potential lender all the information they need for decision making.
- Where applicable, working with the potential buyer to assume or get a new lease on the business premises.
- Selecting a cost effective, competent attorney to prepare the final act of sale documents includes getting all the applicable supporting documents to the attorney.
- Getting certified funding in place with the closing attorney and getting through the closing process without controversy.
- Resolving post-sale issues that may arise.