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The Selling Process

How It Works

Let Us Walk You Through The Process Of Selling Your Business.

Our Services
How It Works

A Typical Sell-Side Process

Take a look at our step-by-step process to effectively and efficiently sell your business.

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Step 1
Define Your Objective(s)

A Marketing Agreement is a legal contract between a business owner and a brokerage firm that should define your objectives and clearly identify all the major anticipated deal parameters and the brokers services and compensation structure. The Marketing Agreement often will be drafted early in the process, but can also wait to be executed at the delivery and acceptance of Step 3 – B.O.V.

Step 2
Collection Of Information

 This information is used to provide a comprehensive overview of the business and its value to potential buyers, and to facilitate due diligence during the sale process.

Step 3
Broker Opinion Of Value (B.O.V.)

A broker opinion of value (BOV) is a brief, written assessment prepared by a qualified and reputable business broker or agent to estimate the probable selling price of your business.

Step 4
Finalize Marketing Plan & Develop Materials

All businesses sales marketing efforts have an extra layer of confidentiality needed.  Typically, we draft a Listing Summary and/or a Teaser, and prepare a Confidential Information Memorandum (CIM).  The Teaser confidentially attracts interest to the acquisition opportunity whereas the CIM is only provided to qualified buyers (under NDA). The CIM is very in-depth and often the #1 selling collateral that the broker has at his or her disposal. It is extremely important to adequately tell the story of the Company and cover everything that a prospective buyer will need to know in the CIM to gauge their interest in making a formal offer or bid.

Step 5
Client Approval

Marketing Materials are reviewed and adopted as the Business Owner’s own. The Client always approves deliverables before moving forward to the Marketing phase.

Step 6
Marketing

Execution of the Marketing Plan involves a tremendous amount of coordination and effort. Some business sale processes are highly targeted, whereas many need an expansive and wide net casted. We want to maximize market coverage, create a competitive environment, which leads to higher rate of Delivering at or above Step 1

Step 7
Buyer Inquiry

A buyer inquiry refers to a response to a Teaser or business listing summary whereas the buyer prospect is interested in learning more about the acquisition opportunity

Step 8
NDA/Official Phone Screening

An NDA (Non-Disclosure Agreement) is a legal contract between two parties that outlines the confidential information that will be shared between them, as well as the conditions under which the information may be disclosed.

Official phone screening refers to a formal phone conversation between the brokerage firm and the buyer prospect.

Step 9
First Meeting/Financial Qualification

The first meeting and financial qualification process can help the broker determine if a potential client is a good fit for your business and if there is a good chance of closing a sale. This is often where ‘Tire Kickers’ are identified and funneled out of the process.

Official phone screening refers to a formal phone conversation between the brokerage firm and the buyer prospect.

Step 10
Seller Call/Site Visit

At this step, a buyer prospect will meet the Business Owner in either a Zoom call or face-to-face. Often there is a tour of the facility and operation depending on circumstances.

Step 11
Offer Negotiations

This process typically involves the broker presenting the buyer's offer to the seller and facilitating the negotiation of the terms of the offer, such as price, payment terms, and contingencies. When there a multiple buyers / offers in play, often the broker will make a “Call for Offers” to ensure the business owner has an opportunity to fully evaluate all the best sales options. This process varies drastically situationally between different business listings and where experienced and skilled brokers can deliver outstanding results.

Step 12
Due Diligence

The purpose of due diligence is for the selected buyer to identify and assess any potential risks or liabilities associated with the transaction and to verify the accuracy of the information provided by the Seller. This is the Buyer’s time to “get under the hood” and validate and verify. Typically, a reasonable due diligence period ranges from 15 days to 90 days depending on the deal size and complexity.”

Step 13
Closing The Deal

As the deal moves through Due Diligence (the expectation is that once the deal comes out of Due Diligence unscathed, the buyer proceeds with funding and eventual ownership). However, Closing the Deal involves about 100 sub-steps of its own. Assuming there are no last minute theatrics (and there always are), for brevity, this is where all those years of work finally pay off!

Step 14
Training/Transitioning

This post-closing process typically involves a negotiated period of training and familiarization, during which the new owner learns about the business operations, systems, and processes. Typically this step can range from as little as a few weeks to up to 2 years or more (refer back to Step 1 and the defined objectives).

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