Initial Seller meetings are conducted by the Seller's Broker (a professionally trained Business Broker, holding a Real Estate Agent license where necessary), and the Seller is educated on the process of selling a business.
A Representation Agreement is filled out by the Seller's Broker & signed by the Seller. Immediately after signing the representation Agreement, the Seller provides the Broker the following:
Complete lists of all equipment and other assets to be included or excluded in the sale;
Profit and loss statements, balance sheets, and tax returns of the Business covering the last three years;
The most recent interim profit and loss statement, balance sheet, and sales tax returns;
Real and personal property leases;
Copies of all patents, licensees, loan documents, contracts or agreements;
All agreements relating to employee benefits;
Any environmental reports; and
Copies of all other documents needed to present a fair and accurate description of the Business to prospective buyers.
During the representation period, seller will provide monthly updates of each such document during the period of this agreement where any material change has occurred. Seller consents to Broker publishing, advertising or distributing information about the Business to prospective purchasers and to cooperating brokers, and contacting landlords and any others regarding any of the information about the Business.
Seller's Broker writes a narrative on the Business; the Representation Agreement is entered into the Sunbelt proprietary database, and a Business Profile is created. Seller's Broker introduces the Business to all of our other brokers during weekly office meetings.
All other brokers match the Seller's Business Data (SBD) against Buyers in their respective queues (Buyers who have previously been interviewed, signed a Confidentiality Agreement and filled out a detailed Buyer's Profile); Seller's Broker plans an advertising strategy; and the SBD is added to web sites in such a manner so the general public cannot identify the business.
Buyers in queue and Buyers who have responded from the advertisements will have their backgrounds and finances evaluated to see if they are qualified Buyers. If qualified Buyers are interested, they will be shown a Business Profile. If further interest is shown, the Seller's Broker will arrange a meeting with the Seller.
If a Buyer wants to make an offer at a fair price, the Buyer's Brokerwill write the offer and secure a deposit.
The Seller's Broker will present all offers to the Seller.