Sell my small business11/8/2023 ![]() Begin preparing for the closing weeks in advance. Stay on track, be organized, keep a checklist, and keep the momentum going. Due diligence should be a routine process if you are adequately prepared. ![]() But make sure the buyer is financially qualified before you negotiate. If the buyer is serious, they will provide one. Ask the buyer for a letter of intent (LOI). If the buyer sends you a long list of questions, set up an in-person or phone meeting. If the buyer asks a few follow-up questions, answer them. Share your CIM and normalized financials with interested buyers. Share information and meet with qualified buyers.Include basic information about your business and ask the potential buyer to sign a non-disclosure agreement (NDA) before you send them your CIM. Screen buyers and email them your CIM.When selling your business, determine if the ideal buyer is an individual, competitor, or private equity firm then create a plan that’s customized to attract your targeted buyer. A CIM is a written overview of your business that answers key questions nearly every buyer will ask. Prepare a confidential information memorandum (CIM).The Process of Selling a Business - The Seven Steps It’s a complicated process but you can simplify the procedure with a plan and increase your chances for a successful sale by properly executing each step of that plan. What are the steps I’ll need to take to sell my business?
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