Business Sales Process
The following is a step-by-step summary of the typical business sales process:
- Initial seller meetings are conducted by a business broker from our office when the seller will learn more about us further about our process of selling businesses as reflected below:
- 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.
- Profit and loss statements, balance sheets, and tax returns of the business covering the last three years.
- The most recent financial data.
- Real and personal property leases.
- Marketing information that is used in the Company’s business.
- 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 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). Seller’s broker plans an advertising strategy and the SBD is added to web sites in such as a blind profile to disguise the identity of the business to the general public.
- Buyers in queue and buyers who have responded from the advertisements will sign NDA’s and will have their backgrounds and finances screened to determine if they are potential buyers. If screened buyers are interested in the business for sale, they will be shown a Confidential 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 Sunbelt will write the offer and secure a deposit or the Buyer’s attorney will prepare an LOI.
- 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 process will begin to address contingencies within the offer.
- Contingencies are address and removed.
- The broker will work with attorneys and advisors for the seller and buyer to facilitate the closing process.
- The actual sale takes place.