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5 Steps to Selling your Business

4/9/2018

1 Comment

 
Step 1- Business Planning (Days 0-90/ Months 0-3)
  • Understand the owner’s personal, business and financial goals- Sale Readiness Assessment
  • Collect data about the company- Company Information Questionnaire
  • Prepare a detailed business valuation-GLM’s Business Valuation Report
  • Develop and action plan to Prepare the Business for Sale- Succession Planning Approach

Step 2- Pre-Market Preparation (Days 90-180/ Months 3-6)
  • Conduct in-depth industry research: Reference USA & 2018 Business Reference Guide
  • Prepare Generic Executive Summary and Marketing materials about company
  1. General Information Executive Summary (No Business Name or location)
  2. Buyer Nondisclosure Agreement
  3. Complete Executive Summary (Company name and Adjusted Financials)
  4. 3 Way Confidentiality Agreement (To be signed before seeing complete financials)
  5. Complete Company Description
  • Develop marketing plan to sell company- Suggested Next Steps
  • Identify prospective buyers- Reference USA Custom Lists

Step 3- Going to Market (Days 180-270/ Months 6-9)
  • Market company on confidential basis
  • Secure nondisclosure agreements from prospective buyers
  • Schedule and conduct management presentations and site visits
  • Secure Offer to Purchase- qualifying bids or indications of value from buyers

Step 4- Negotiation (Days 270+/ Months 9+)
  • Analyze offers and terms to help client decide best option
  • Manage key relationship with buyers
  • Assist with negotiations of Letter of Intent
  • Obtain final signed letter of intent
  • Coordinate the due diligence process
  • Assist with negotiations of purchase and sale agreement

Step 5- Closing (Days 270+/ Months 9+)
  • Work with attorneys to draft the definitive purchase and sale agreement
  • Help to resolve and open issues between parties
  • Coordinate with seller and buyer on strategic planning issues
  • Close the transaction
1 Comment
topresume link
5/13/2019 07:30:27 pm

Before anything else, I want to thank you for all the ideas that you have shared to us. I admit that I know nothing about business since I don 't belong in this big and complicated world of business, but it's good to learn something different. Selling business could be a good venture to some because it can be considered as a smart decision for some. You just have to be very vigilant with the do's and don't of the said thing because it's going to be hard if you wouldn't make an effort to know these things!

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    Tom Gosche

    Tom is the Business Development Manager for GLM. If you are interested in learning more about GLM's services, contact him:

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