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LegalCornerTM - Buy/Sell A Business F.A.Q.'s

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Q.I'm selling a business, what are the main steps to selling a business?

A.If your selling a business there are many things you are going to have to do. This list is by no means all inclusive, but does provide a general outline of the steps you will need to take to sell your business.

  1. Make the initial decision to sell your business.
  2. Evaluate your business, possibly recast your financials, and establish a preliminary business valuation.
  3. Engage professional advisors (accountant, attorney and possibly a broker to list your business for sale).
  4. Conduct a thorough "due diligence" of all aspects of your business.
  5. Prepare a detailed selling memorandum for potential buyers of the business
  6. .
  7. Identify the groups of qualified, potential buyers and market the business to those groups.
  8. Hire a broker to receive bonifide offers to purchase the business
  9. Conduct a detailed due diligence on those interested buyers you deem qualified buyers.
  10. Hire an attorney to negotiate the sale of the business and prepare the necessary documentation.
  11. Have your attorney execute a letter of intent with the proposed buyer of the business.
  12. Assist the buyer in performing his or her own due diligence on your business.
  13. Have the attorney structure the complete documentation for the sale of the business, and have the purchase agreement signed.
  14. Open an escrow, satisfy all of the conditions to the closing, and close the sale of the business.

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Copyright 1999-2019 Melissa C. Marsh. All Rights Reserved. All Information on this website is subject to a Disclaimer and Use Agreement. This information is provided as general information only and should not be construed as legal advice. We advise you to seek the advice of competent legal counsel to address your own specific questions, facts and circumstances.