Article Body:
Business selling process are often very easy with this handy guide wich will guide you thru the business selling process. you'll determine what to organize and what to expect. the subsequent information is basic steps of business selling process for business purchasable for seller. BusiMarket.com doesn't guarantee or indorse the accuracy of data .
1. Determining the fair market price of the business
The business value really depends on the sort , the age, and therefore the location of the business. For more accurate information, We highly recommends discussing values and amounts together with your business broker, attorney, or loan officer. If you already know what your selling price getting to be, you'll advance to next step.
2. Preparing all books and records for prospective buyers
Things to incorporate in your business books / records:
last 3 years of busines tax return
up-to-date Profit & Loss Statement / record
a copy of the first Lease & Sublease Agreement
an up-to-date equipment list.
3. Putting your business on the market
. the subsequent are options for putting your business on the market:
Input your business on Business Multiple Listing Service Sites like BusiMarket.com - Business purchasable or Companies like us
Advertise during a local newspaper
Hire a true estate broker or agent.
4. handling Potential Buyers
Evaluate the Buyer:
Is the buyer financially secure?
How much business experience does the customer have?
Is the buyer serious about buying your business?
5. Recieving a suggestion
The buyer writes an written offer and presents it to the vendor . If there's a true esate agent involved, then the agent will deliver the written offer to the vendor .
6. Negociation - Price, Terms, and Condition
The seller and therefore the buyer negociate the worth , terms, and conditions.
7. Accepting a suggestion
At the top of the negociation process the customer and seller must sign and date every page of the acquisition and Sale Agreement.
8. Provide all necessary books and records for the customer
Usually within 1-2 business days after mutual agreement.
9. Work with the customer to get rid of all contingencies of the contract.
10. Signing the closing statement (1-3 days before the closing date)
After the customer removes all contingencies on the acquisition and Sale Agreement, both the customer and therefore the seller make a meeting with the Closing/Escrow agent to sign the closing statement - usually 1-3 days before the deadline .
The buyer should call the escrow agent and determine the entire amount of cash that must be prepared (usually casher's check or money order) for the rest of the deposit .
On the signing day, the customer pays the cash to the escrow agent and sign the closing statement
The escrow agent collects the cash from the customer , and therefore the bank that the customer financed, and pays the toal amount to the vendor (down payment + loan amount - closing cost).
11. The Night Before the deadline
Both the customer and seller meet at the business site after the business hour and
Review the Equipment List that's provided at the time of the acceptance of the acquisition and Sale Agreement
Get purchased Inventories and Supplies - write down all the things on a bit of paper with the wholesale price of every items. the customer and seller check in the grand total and therefore the seller receives the entire amount from the customer .
Seller gives the business key to the customer .
12. The deadline
Congratulations, You've Sold Your Business!!!