For many business owners, selling their business has more value than their other assets. It is important to know the window to sell and how the selling process will go for the specific business. VR Business Brokers helps business owners in Raleigh sell their businesses and has detailed the process below.
The 10 step process for selling a business is the following:
- The business owner plans to sell the business during the current market. Then the business owner provides information about the business that is relevant to its property value, business value, and revenue to the brokers.
- VR Business Brokers will then go over all this information and offer a price.
- Brokers will confidentially market the business’s availability to others in the industry and beyond to generate potential buyers.
- Brokers will then correspond with the potential buyers to get rid of those that are not interested or are unqualified.
- The intermediary (business broker) will then detail more about the business to the remaining buyers only after they’ve signed a confidentiality agreement.
- There will then be a meeting with all parties represented: the business owner, potential buyer, and intermediary to gauge the buyer’s consideration of the business. There is also the discussion of financing during this exchange and the establishment of an offer. The offer is explained to the business owner and then either denied, altered, or accepted until approved by both parties.
- After the acceptance of the offer with contingencies, the buyer inspects the business for its operations, finances, and licenses.
- The seller provides information to the buyer to remove the contingencies.
- Buyers are evaluated to lease the business along with discussions with their lenders and attorney.
- At the “closing,” the final documents are compiled by the attorney for the business owner and buyer. Then the final terms are agreed upon and authorized, and the business is transferred to the new owner, as is the down payment to the seller.