Correct preparation is crucial. A primary requisite would therefore be the presentation of up-to-date financials. The business must be properly packaged with all applicable records and facts organised and documented. This ensures presentation in its most favourable light, while providing the potential buyer with a concrete document to follow and review. Intangibles include reputation, market niche, operation and production systems, customer loyalty, trained and skilled employees as well as future potential.

This involves fielding all phone and email responses, answering initial questions and ascertaining their interest level, management skills and ability to meet the financial requirements of the potential sale as well as receiving signed confidentiality of undertakings.

Provide the potential buyer with all relevant information.

Negotiations between the buyer and seller can sometimes be difficult. SEA BB will resolve all relevant issues as they arise and control all aspects of the purchase process until a resolution is reached.

All parties to agree to payment basis and hand-over date.

The offer is usually contingent on the buyer verifying the accuracy of the seller’s financial and operational representations. The buyer begins the process of due diligence and inspects detailed business information. This process also involves managing and settling all contingencies. Other suspensive conditions will involve obtaining the landlord’s approval for the buyer to take over the lease, possibly a loan and, if applicable, the franchisor’s approval. A time period is stipulated and monitored.

Hand-over of business and purchase price.