Here is a brief overview of a the steps involved in selling a business (this is a guide only and some differences do occur between transactions):
- You make the decision to place your business on the market.
- You meet with us to go through the details of the business and your plans. Following the meeting, we would provide a realistic opinion of the likely selling price for the business and the expected demand from buyers.
- We both sign an agency agreement to get the business actively on the market.
- A marketing program is put together for the sale of your business, and the program is implemented.
- Enquiries are received and each prospect signs a confidentiality agreement.
- We speak to each buyer and qualify them.
- The qualified buyer is provided with further details of the business.
- We make an appointment with you for the buyer to have a site inspection of the business (site inspections are usually held after hours to avoid any interruption to your business)
- An offer is made by the prospective buyer.
- Once the price and details of the deal are agreed, the purchaser and his/her accountant conduct due diligence on the business.
- If everything checks out, the the seller’s solicitor will draft a contract.
- Purchaser pays a deposit (usually 10% of the purchase price).
- Contracts are signed
- Landlord approval and lease transfer are arranged.
- Training period starts.
- Settlement – ownership passes to the purchaser.