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Sell a business

FINDING A BUYER, KNOW YOUR OPTIONS, ADVERTISING & BROKERS

The Process of selling a business is more complicated than people might think so we have broken it down into 12 steps. This 12 step  approach allows a business owner to identify where they may need help completing a sale.

1. Make sure you are ready, willing  and able to complete a transaction. You must be genuine about your intentions to dispose.

2. Appoint your business broker. The key skill of the broker is finding a buyer. Agree how this process is going to take place before enabling your broker to take action on
your behalf.

3. The broker then begins to market your business confidentially using a
quality information document that is prepared using the information you provide and his experiences.

4. The broker attends initial meetings as and when potential buyers are
identified... secures an NDA. An NDA ensures the confidential nature of the discussions.

5. The broker Involves you in meetings when potential purchasers and
demonstrates the significant interest and their ability to afford the purchase.

6. The Broker negotiates a deal that is acceptable to you and the purchaser and structures the payment(s) and terms.
 

7. The Purchaser appoints solicitors to issue a detailed offer letter.
 

8. If the offer is accepted the broker advises on appointment of solicitors for the seller and invites heads of terms from the purchaser/purchaser's solicitor.
 

9. Your solicitor advises on signing the heads which are binding and will
grant exclusivity to the purchaser for an agreed period
 

10. The purchaser organises legal, financial and commercial due
diligence involving site visits. You will need to facilitate the provision of detailed information.
 

11. The Purchaser's solicitor drafts a sales and purchase agreement. Which your solicitor will amend to ensure minimal post sale risk.
 

12. Once agreed and subject to due diligence being satisfactory then the
contract is signed, the consideration wired to your accountant and the
deal is done!