| Once There Is A Buyer Offer Made As noted in the “Industry Standards” section, Havelock-Adams takes the time and steps to appropriately price your business at a selling price we feel is fair, win-win and will offer the client full value. However, we are obligated to present all offers regardless of our opinion. We will however continue to negotiate any offer we feel has potential. Once an acceptable offer is made and accepted, the process of preparing a sale agreement and setting up escrow takes place. Due Diligence Occasionally, contingencies are included within an offer such as the ability to secure an acceptable facility lease for the potential buyer. Additionally, a contingency usually is included stipulating that the potential buyer has the right to due diligence which means they and or their accountant may sit with the seller and go over the receipts and hard copy financial information which will validate the financial information presented earlier in the process. Closing Once all the contingencies are met a closing date is confirmed with the selected escrow agency. Training Once the closing takes place, it is customary for the seller to train the new owner and/or staff for an agreed upon period of time at no charge. Usually the training period is specified for no more than 30 days. Frequently it requires less than 30 days for the buyer to feel comfortable with the business and the transition then results in a gentle segway from seller to buyer. |
