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Procedure for Selling Your Business

Once the fair market value of your business has been determined, your intermediary should identify the target market and implement a marketing plan to stimulate interest. Prospective buyers are aggressively solicited and qualified. Qualified prospective buyers must then sign a confidentiality agreement prior to receiving any confidential information about your business.

After consulting with you, prospective buyers are individually escorted to your place of business at a time convenient for you. After initial meetings, prospective buyers are encouraged to make written offers, which you may accept, reject, or counter. Effectively negotiating purchase and sale agreements requires skills gained over many years. Experience matters!
Once agreement is reached, the due diligence process begins. Each contingency must be addressed on a schedule. Standard contingencies include financial and legal reviews, a covenant not to compete, employment contract(s), an assignment of lease and sometimes a financing contingency. After all the contingencies have been met or waived, the transaction closes and you are paid.
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