STEPS TO SELL A BUSINESS
It is important for all of our clients to understand the amount of work that goes into earning the commission and the opportunity to represent the listing and potential sale of your business. Remember, your Business Broker is ONLY paid upon a successful sale.
Your Broker will act as a ‘gatekeeper’ from the individuals that try, but are not (financially, emotionally, or professionally) able to Buy your business. Your Intermediary will ONLY disclose intimate information about your business once they have been qualified!
The following tasks can be noted as typical steps to Sell a Business in Florida:
1. Decide if it is the proper time to Sell Your Business for you, and those who matter.
2. Contact a professional and reliable Business Broker that you can TRUST, and setup an in-person consultation.
3. Discuss openly, all aspects of your business, motivation to sell, and financial position. Disclose anything and everything about your business.
4. Provide your Broker with all financial information about your business, and await the Broker’s opinion of the ‘Market Value’ and proposed listing price. Discuss with your Broker the comfortable price to list your business for sale.
5. Complete all Listing Documents, and work with your Business Broker to prepare a Confidential Business Review (‘CBR’) that will give qualified Buyers a ‘snapshot’ summary about all aspects of your business.
6. After the business is listed, your Business Broker will correspond with you regarding qualified candidates. You may be required to have conference calls, and in-person meetings with Buyers.
7. Consider all offers. Accept or counter an offer.
8. Enter the Financial Due Diligence period, in which a prospective Buyer will analyze confidential records about your business.
9. Await your Buyer to sign off on all applicable contingencies (IE- Visa Contingency, Landlord Approval, Franchise Approval).
10. Attorneys will prepare closing documents for the transaction, and they are reviewed by the Buyer, Seller, and respective legal counsel.
11. Inventory is conducted the day of closing (if applicable, and often times it is competed at a time other than the day of closing).
12. Parties meet at a closing attorneys office, who represents the transaction, not the Buyer nor the Seller, and sign the documents, and exchange monies to officially ‘close’ on the sale of the business.
13. Seller will train the Buyer and help him/her get acquainted with their new business.
Note that while most transactions will follow the above protocols, every deal is different and has a different process, and the steps to sell will deviate from the ‘norm’. But most importantly, our experienced Brokers will hold your hand and guide you through the proper steps to sell a business. Click here for a list of services that our Brokers offer to help sell your business.