How to Sell Your Business

1. Commitment:
   You commit to sell your business at the best possible price and terms based on market conditions.


2. Documentation:
   You give your VR Director the necessary information and documents to sell your business.


3. Valuation & Pricing:
   We analyze your business to determine the best possible price and terms, given the market conditions.  We often recommend a third-party valuation as it provides many benefits to you, the Seller.
   
4. Advertising:
   We confidentially advertise your business to get the greatest numbers of qualified prospects.
   
5. Screening:
   We require potential Buyers to provide us with proof of financial capability, a signed Non-Disclosure Agreement, and a completed Confidential Buyer Profile.  From this information, we screen for buyers who are able and willing to purchase your business.
   
6. Introduction:
   We present your business to selected Buyers.
   
7. Meeting:
   We schedule a meeting that includes you, your VR Director, and the Buyer.  This allows the Buyer to confirm interest in the business and allows you and your VR Director to learn more about the Buyer. Your VR Director will always be with you when you meet a Buyer.


8. Financing Options:
   We have numerous financial resources, including lenders who specialize in SBA and commercial business loans.  Your VR Director will help you and the Buyer determine the best financial transaction that will lead to a successful closing.
   
9. Offer to Purchase:
   We encourage the Buyer to write a fair offer accompanied by earnest money,   which is held in escrow.
   
10. Presentation of the Offer:
    We present you with the Offer for Purchase.  You and your VR Director will review the terms and conditions of the offer.


11. Answering the Offer:
    You may accept the offer, or you may ask us to structure a counter-offer.
    
12. Negotiating:
    Reviewing and answering the offer may continue for some time.  Your VR Director will negotiate back and forth, using experience to bring the discussions to a successful conclusion.  When you and the Buyer reach mutual agreement, the offer becomes a contingent purchase and sale agreement.

At VR, we get paid only when you get paid, at closing.  There are no upfront fees for a Seller.

13. Due Diligence:
    A contingent purchase and sale agreement (which was created in #12) is usually contingent on a number of items, including the completion of due diligence.  Next to negotiating, the due diligence phase is the most critical of the process.  The Buyer will want to inspect the business operations, and items such as all the financial records, licenses, and permits.
    
14. Contingency Removal:
    As the Buyer inspects and is satisfied with the review of the business, the contingencies are removed from the contingent purchase and sale agreement (which was created in #12).  Once all contingencies are removed, the agreement becomes a binding offer for purchase and sale.
    
15. Lease Assignment :
    We work with you and your landlord to obtain a lease the Buyer will accept. 
    
16. Note Assumption:
    We work with you and lending institutions to transfer those obligations to the Buyer.
    
17. Closing Documents:
    The closing documents, which can be voluminous and complex, are tailored to meet your needs and the situation.  When applicable, we will connect you with an inventory professional to handle the inventory process.  You may also want your legal and financial agents to be involved.
    
18. The Successful Closing:
    When all the details are complete for a smooth transfer of possession, you and the Buyer sign the final agreement, the funds are distributed, and the business is transferred.