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GETTING YOUR DUCKS IN A ROW
27
Aug 2018

GETTING YOUR DUCKS IN A ROW

By webmaster

What You need to sell the business:

At some point in educating the seller, you must tell the seller what documentation you will need to build your profile on the business...and to eventually sell the business. You need to provide the following...

• A copy of the financials covering three years of performance
• A copy of the property lease, and its assignments from any previous sale
• A list of the fixtures and equipment that will be included in the sale
• A copy of the franchise agreement, if applicable
• Copies of any other documentation pertinent to the business
• Sale brochures, menus, press releases, and any sales materials, etc. on the company and its business.


The seller must realize until this information is provided, you won’t be able to begin the process of selling the business. The seller should be told that you will call every week to let him know what has happened, even if it is nothing, concerning your progress in bridging the gap, between the seller and a qualified buyer...

 

Tips on Educating the Seller: 

1. Giving the seller assurance that our team knows what we are doing.
2. The seller must be serious about selling his or her business.
3. The seller must be convinced the price and terms are fair...as you must be.
4. The seller must be aware that the “marketplace” ultimately determines the price.

 

We need all the information concerning the business upfront, “No Surprises”. Don’t underestimate the importance of the lease information. Structuring the price terms, and the down payment is the key to selling the business. Now is the time to find out whether the seller uses outside advisors and for you to get a list of them. Educate the seller regarding today’s market and the buyers behavior...

 

Business For Sale, Buying A Business, Selling a Business

 

Author: William J Frazier wfrazier@thecbagroup.com

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