A successful sale of a business results from the effective execution of an established process. This outline provides an overview:
MARKETING:
Empire’s methodology and aggressive marketing plan will quickly provide an assessment of how much interest the marketplace generates over the availability of a business, typically in less than four months.
LETTER OF INTENT:
When an interested party signs a letter of intent, Empire will negotiate a deal that will best meet your needs, and then work toward the successful completion of the transaction.
The following three steps occur simultaneously:
FINANCING:
This is where Empire can substantially help, we know of lending organizations that are local and outside of the Cleveland area that specialize in business acquisition funding. These sources are very often companies that specialize in funding certain types of businesses, or businesses operating under unique conditions.
DUE DILIGENCE:
This is the process where the buyer and/or his accountant will verify the accuracy of certain financial data and gain a greater, more detailed understanding of the
business.
PURCHASE AGREEMENT:
While the buyer is completing the due diligence, his attorney will prepare a Purchase Agreement, which will include the documents required to complete the transaction.
The final and most important step:
CLOSING:
Once financing is in place and the Purchase Agreement is approved by both the buyer and seller, a closing will be scheduled. Each party will sign the necessary documents and the transaction will be completed.
