The Selling Process
Commitment: Your commitment to us is to sell your business at a price and with terms consistent with the marketplace.
Documentation: You provide us with all the necessary documents and data required to sell your business.
Valuation and Pricing: We analyze your business and suggest a realistic price and terms, or for a larger business, we recommend a third party valuation.
Advertising: We advertise your business and others like it to get the highest possible response and the greatest numbers of prospects.
Screening: We interview buyers to eliminate those who are unable or not ready to purchase a business at this time.
Introduction: Our Business Intermediary presents your business to qualified potential purchasers. They discuss the various components and benefits of the business with the potential buyer.
Meeting: A possible meeting with you, the potential purchaser and the VR Business Intermediary is set up, to prove the buyer’s interest and give an opportunity to learn more about the buyer.
Assist with Financing: We have many financial resources, including lenders who specialize in SBA loans or business loans, and we will assist you and the buyer in determining which method of financing will work for all parties and lead to a successful closing.
Offer to Purchase: We encourage buyers to write a fair offer accompanied with an earnest money deposit check.
Present Offer: We will present the offer for purchase to you. At the time, we can provide with background information on the buyer and explain the buyers reasoning behind the offer.
Accept the Offer: You may accept the offer as presented or you may use our knowledge and experience to structure a counter offer.
Explanation: Explain the terms and conditions of the offer to you.
Mutual Acceptance: At this critical time VR Business Intermediaries use their training, negotiating skills and expertise to create a mutually acceptable agreement and it becomes a contingent purchase and sale agreement.
Inspections: Nearly all offers are contingent upon the buyer’s inspection and approval of all aspects of the business operation including financial records. The handling of due diligence is the most important step in the process of a successful sale. You will need to satisfy the buyer that you have all the necessary licenses and permits necessary to operate the business.
Contingency Removal: The buyer’s needs to remove all the contingencies for the agreement to become a binding offer for purchase and sale.
Lease Assignment: We work to present the buyer’s experience and financial qualifications to the landlord in order to obtain a lease assignment or new lease.
Note Assumption: If there are existing equipment lease or loans that the buyer is to assume, we can work with the lender, closing attorney or escrow company to transfer those obligations.
Closing Preparation: The closing documents are based on hundreds of prior transactions. They are tailored to meet the individual needs of you and your buyer at the time of the sale. They are coordinated by either an attorney or an escrow company.
Inventory: When applicable, we will assist you in finding professionals to assist you with the inventory process.
A Successful Sale: We assist with the many details required for a smooth transfer of possession. All parties then sign the final agreement, the business is transferred and funds are distributed.