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Procedure for Selling Your Business |
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Once
the fair
market value of your business has been determined, your intermediary
should create and implement a marketing plan to produce leads. These
leads must then be aggressively solicited and qualified. Qualified prospective buyers must then sign
a strongly worded confidentiality agreement prior to receiving any
confidential
information about your business. After consulting with you, the buyer
will be escorted to your place of business at a time convenient for
you. After this first meeting, the buyer will be encouraged to make
a written offer, which you may accept, reject, or counter. Effectively
negotiating agreements requires skills gained over many years of experience.
Once agreement is reached, the due diligence process begins. |
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contingency must be addressed on a schedule. Standard contingencies
include a financial and legal review, a covenant not to compete, employment
contract, assignment of lease and sometimes a financing contingency.
After all of the contingencies have been met or waived, the transaction
closes and you are paid. |
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