Here is a brief overview of a typical business sale process (this is a guide only and some differences do occur between transactions):
- You make the decision to place your business on the market.
- We meet with you to review the business. Following the meeting, we would provide a realistic opinion of the likely selling price for the business and the expected demand from buyers.
- If the likely sell price is acceptable to you and we are confident that the business is saleable, you engage us to sell the business.
- A marketing program and budget are agreed upon and the program is implemented.
- Enquiries are received and each prospect signs a confidentiality agreement.
- Prospects are provided with preliminary details on the business.
- Prospect has a site inspection of the business.
- An offer is made by the prospective buyer.
- Once offer and details of the offer have been 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.