Guide Selling a Business Selling Process
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Guide to Selling a Small Business
Fundamental Principals for the Preparation and Sale of a Small Business Selling a Business -The Selling Process
Prepare. Advertise. Receive calls—prepare a contact sheet with prospects’ contact information. Provide skeletal pamphlet to prospects. If further interest is expressed, get a non-disclosure agreement signed. After you receive the signed non-disclosure, provide the full selling pamphlet. Contact the prospect to determine further interest and arrange a meeting (at the place of business). At the meeting, answer any remaining questions the prospect might ask. At the meeting, show the prospect the document binder and financial (have a copy of the financial for the prospect to take home). At the meeting, discuss the price structure of the sale. If there is an agreement in principle, draw up a non-binding agreement that outlines the terms you have discussed and agreed to. Request that the prospect review the agreement. If the terms are acceptable, he or she should sign and return it with a 10% deposit that you will place in an escrow account pending a final binding agreement. This document should include terms for the return of the deposit if a deal is not finalized. |