Selling a business can be an enjoyable, trying, exciting, bewildering and complex process. Fortunately, a good Business Advisor should make the process as easy and rewarding for you as possible. Your Business Advisor should continually update and educate as you walk together, step by step, through a proven and effective process. A working understanding of this process is critical to your mutual success. Although each deal is unique, and presents its own challenges and opportunities, most good Business Advisors guide their clients and sales through the same basic steps:
1. Select business advisor;
2. Provide business information;
3. Analyze financials & develop asking price;
4. Prepare confidential business profile;
5. Prepare marketing plan and materials;
6. Advertise and execute other aspects of marketing plan;
7. Maintain confidentiality throughout process;
8. Screen and educate buyers;
9. Show business to buyers;
10. Help buyer prepare offer and deposit;
11. Present offer to seller and negotiate sale agreement;
12. Conduct due diligence;
13. Open escrow and prepare escrow instructions;
14. Remove lease, financing, and/or other contingencies;
15. Publish bulk transfer notice and clear creditors;
16. Place remaining down payment into escrow and prepare seller note if any;
17. Close escrow, pay off seller, transfer possession, and train buyer.
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