Business Sales Process in New Orleans
The following is a step-by-step summary of the typical business sales process:
- Initial seller meetings are conducted by the seller’s broker (a professionally trained business broker, holding a real estate license when required) and the seller is educated on the process of selling a business.
- Market analysis, appraisal, price positioning.
- An Engagement Agreement of listing agreement is filled out by the seller’s broker & signed by the seller. Immediately after signing the Representation Agreement, the Seller provides the Broker information to be presented to potential buyers.
- Seller’s broker prepares all of the marketing information and it is approved by the seller. 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 all of our other brokers.
- All other brokers match the Seller’s Business Data (SBD) against buyers in their respective databases (Buyers who have previously been interviewed). Seller’s broker plans an advertising strategy and the SBD is added to web sites in such a manner so the general public cannot identify the business.
- Buyers who have responded from the advertisements will have their backgrounds and finances screened to determine if they are suitable for the business buyers. If 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, counter the offer, or reject it.
- Once an offer is accepted, the seller’s broker will arrange a seller/buyer meeting where the seller and buyer can begin addressing appropriate due diligence.
- Contingencies are address and removed.
- The broker will expedite the legal documentation and any revisions to the final sales contract.
- The actual sale takes place.