The Process of Buying & Selling a Business
Buying or selling a business presents a roller coaster of emotions throughout the process of your transaction driven by a multi-step process.
Prepare your business for sale by cleaning up financial records, updating equipment and making any necessary repairs. Only hire professionals with experience with the legal & tax issues related to the buying and selling of businesses.
Determine the value of your business by researching similar businesses that have sold in the past and by consulting with a business valuator.
Every Create a sales package that includes financial statements, a list of assets, and a description of the business.
Market your business to potential buyers by advertising in industry publications, reaching out to business brokers, or listing the business on online marketplaces.
Negotiate the sale with potential buyers and finalize the deal with a purchase agreement.
Close the sale and transfer ownership of the business to the new owner.
TRANSITION & POST-CLOSING SUPPORT
Some buyers and sellers will agree upon a transition beginning prior to the completion of the transaction.
The critical elements of the business are not transitioned prior to the closing of the deal between the buyer and the seller.
Make sure to sign a Mutual Non-Disclosure Agreement with an professional services you retain and, most especially, with prospective buyers.
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