For many business owners, the thought of selling their business can seem quite daunting. But it need not be — not if you have an experienced business broker to guide you through the process.

To give you an idea of what to expect when you are ready to sell, here is a step-by-step summary of the typical business sale process:

1. Provide business information;2. Analyze financials & confirm asking price;

3. Prepare confidential business profile;

4. Prepare marketing plan and materials;

5. Advertise and execute other aspects of marketing plan;

6. Maintain confidentiality throughout process;

7. Screen and educate buyers;

8. Show business to buyers;

9. Help Buyer prepare offer and deposit;

10. Present offer to you, the Seller, and negotiate sale agreement;

11. Conduct due diligence;

12. Open escrow and prepare escrow instructions;

13. Remove lease, financing, and/or other contingencies;

14. Publish bulk transfer notice and clear creditors;

15. Place remaining down payment into escrow and prepare seller note if any;

16. Close escrow, pay off Seller, transfer possession, and train Buyer.

  

Alan Lippincott is a business broker and BestSoCal owner who welcomes calls to (877) 420-6478 and Email Inquiries.  His comments should be regarded as general in nature and not taken as advice without a personal consultation and signed agreement.