8 Steps to Selling Your company

Attorney - 8 Steps to Selling Your company

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The selling of your company requires a unavoidable sequence of events that need to occur to allow a smooth organized process. Selling of your company Is a process, and requires an organized planned out approach.

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There is primary endeavor that goes into the process of buying or selling a business. The process requires not only persistent efforts of both the Buyer and Seller, but also cooperation with respective attorneys, accountants, and or adviser's.

Below is a overview of those 8 Steps primary in the process of selling your business.

A possible Buyer is identified. This is not always an easy process.

Seller gathers information. Seller shall secure Buyers information, capabilities and signed Non-Disclosure, Confidentiality business transaction to support in a introductory qualifying of Buyer.

1st Meeting between Buyer/Seller. Seller/Buyer change additional information to respectively settle if the other party appears to meet their needs. A site visit that occurs at the Sellers place of company may occur after a first meeting.

Letter of Intent (Loi). Loi or purchase ageement is drafted and presented from the buyer to the selling. Intent, contingencies, escapee clauses for respective parties are defined. And essentially these documents executed, state an intent by the parties to stride and consummate the deal contingent upon terms defined and due diligence. The following items at a minimum are addressed in the Loi or purchase contract. The purchase price/ consideration, record of what is being purchased, how it shall be purchase, and other linked terms and conditions of the purchase.

Respective Due Diligence and Discovery. This is performed by both the Buyer and Seller. (this can take an extended estimate of time and effort)

Negotiations. Occur most every step along the way.

Purchase documents are drafted. introductory executed Loi, or the purchase ageement terms and conditions are the basis of this document. Real estate, and or lease docs and all change linked documents are organized and prepared.

Closing. All documents contracts and agreements are signed and executed. The Buyers attorney that is assisting in the legal aspects of the sale can furnish a book with all closing documents linked to the sale included. Funds/consideration is exchanged.

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