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Q.I'm selling a business, what are the main steps to selling a business?
A.If your selling a business there are many things you are going to have to do. This list is by no means all inclusive, but does provide a general outline of the steps you will need to take to sell your business.
- Make the initial decision to sell your business.
- Evaluate your business, possibly recast your financials, and establish a preliminary business valuation.
- Engage professional advisors (accountant, attorney and possibly a broker to list your business for sale).
- Conduct a thorough "due diligence" of all aspects of your business.
- Prepare a detailed selling memorandum for potential buyers of the business
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- Identify the groups of qualified, potential buyers and market the business to those groups.
- Hire a broker to receive bonifide offers to purchase the business
- Conduct a detailed due diligence on those interested buyers you deem qualified buyers.
- Hire an attorney to negotiate the sale of the business and prepare the necessary documentation.
- Have your attorney execute a letter of intent with the proposed buyer of the business.
- Assist the buyer in performing his or her own due diligence on your business.
- Have the attorney structure the complete documentation for the sale of the business, and have the purchase agreement signed.
- Open an escrow, satisfy all of the conditions to the closing, and close the sale of the business.
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