Business Sales Process in Chicago
The following is a step-by-step summary of the typical business sales process in Chicago.
- The Seller’s Broker (a professionally trained business broker holding a real estate license when required) conducts initial seller meetings, and the Seller is educated on the process of selling a business.
- Market analysis, appraisal, price positioning
- An Engagement Agreement is filled out by the Seller’s Broker & signed by the Seller. Immediately after signing the Representation Agreement, the Seller provides the Broker the following:
- A list of equipment and other assets to be included in the sale
- The most recent financial data
- Real and personal property leases
- Marketing information that is used in the Company’s Business
- The Seller’s Broker prepares all of the marketing information, and the Seller approves it. The Engagement Agreement is entered into the Sunbelt proprietary database, and a Business Profile is created. Seller’s Broker introduces the Business and fields initial questions to our other brokers during weekly office meetings.
- All other brokers match the Seller’s Business Data (SBD) against buyers in their respective queues (Buyers who have previously been interviewed, signed a Confidentiality Agreement, and filled out a detailed Buyer’s Profile). The Seller’s Broker plans an advertising strategy, and the SBD is added to websites in such a manner so the general public cannot identify the Business.
- Buyers in queue and buyers who have responded to the advertisements will have their backgrounds and finances evaluated to determine if they are qualified buyers. If qualified buyers are interested in the Business for sale, they will be shown a Business Profile. If further interest is shown, the Seller’s Broker will arrange a meeting with the Seller.
- If a buyer wants to make an offer, the Buyer’s Broker will write the offer and secure a deposit.
- Seller and Seller’s Broker will review each offer and decide whether to accept it or counter the offer.
- Once an offer is accepted, the Seller’s Broker will arrange a Seller/Buyer meeting to begin addressing contingencies within the offer.
- Contingencies are addressed and removed.
- The Broker will facilitate the legal documentation and revisions.
- The actual sale takes place.