VR's Proven 20 Step Process for Selling Your Business

1. Commitment. Your commitment to us is to sell your business at a price and with terms consistent with the marketplace.

2. Documentation. You provide us with all the necessary documents and data required to sell your business.

3. Valuation & Pricing. We analyze your business and suggest a realistic price and terms. For larger businesses, we usually recommend a third party valuation.

4. Packaging. We put together a "Confidential Business Profile" with detailed information about your business. This profile typically has hard copy, Internet/ PDF and in some cases video formats to present your business in the clearest light.

5. Advertising. We advertise your business and others like it to get the highest possible response and the greatest number of prospects.

6. Screening. We interview prospective buyers to eliminate those who are unable or not ready to purchase a business at this time, and to screen out competitors and others with suspect intentions. We obtain a signed Confidentiality Agreement and Net Worth Statement from every prospective buyer.

7. Introduction. Our sales associates present your business (disguised) to qualified prospects first via telephone, Internet and in our offices before bringing them to your business. This takes the burden off you and your business and filters out unlikely buyers.

8. Meeting. Once a serious, qualified prospective buyer is found, we arrange a tour of the business and/or a meeting with you to cement the buyer's interest and give you an opportunity to learn about the buyer.

9. Financial Assistance. We have extensive experience with a wide variety of creative financing techniques. We also work with a network of lenders who specialize in SBA loans and business loans, to assist you and the prospective buyer in structuring and securing the right financing package.

10. Offer to Purchase. We encourage buyers to write a fair offer accompanied with an earnest money check. Our "offer to purchase" form is proven over thousands of transactions, protecting your interests as well as those of the buyer. We present the offer to you, along with detailed information on the background of the prospective buyer.

11. Counter Offer. You may accept the offer as presented or use our knowledge and experience to structure a counter offer.

12. Offer Acceptance. Once both parties agree on terms, we have an "offer acceptance", but not a done deal. Nationwide, more than half of "offer acceptances" fail to progress to closing. At VR, our rate is much higher, because we know how to manage the subsequent critical steps.

13. Due Diligence. Nearly all offers are contingent upon the buyer's inspection and approval of many aspects of the business operation, such as financial records, equipment, contracts/ leases, licenses, inventory, etc. The handling of this "due diligence" phase of the process is critical to ensuring a successful sale.

14. Lease Assignment/ Building Sale. This step can be a deal killer if not handled properly. We work with you, the buyer and your landlord to ensure a successful assignment or other transfer of the lease. If you also own the real estate and want to sell that too, we can sell the whole package together, or partner up with a leading commercial realtor to sell the real estate sale separately.

15. Note Assumption. If there are any existing equipment leases or loans that the buyer is to assume, we can work with the lender, closing attorney or escrow companies to transfer those obligations.

16. Contingency Removal. Once the buyer is satisfied with the lease, inspections and other contingencies, the contingencies are formally removed to make the offer a binding one.

17. Closing Preparation. We guide seller and buyer through the closing process with a rigorous checklist to ensure that everything necessary to close the sale is ready at closing.

18. Inventory. Another common sticking point in business sales is the amount and nature of inventory on hand at closing. We work with you to ensure this is not an obstacle.

19. Closing. At closing, money, title and possession of the business change hands. With proper planning and preparation, this step will go smoothly.

20. Celebration. Now it's time to celebrate and move on to the next phase of your career.