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Procedure for Selling Your Business |
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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! |
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| 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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