Once all of the papers have been submitted to escrow for preparation, you should receive back a total amount the buyer will need to bring to closing in certified funds. This figure is based on prorating each applicable item to a certain day of closing. If you’re closing day changes or a new prorated item is added, this amount will change. In addition, make sure that the buyer understands the requirement for certified funds. If their closing funds are coming from a money market fund or other similar account, that check must first be cashed and cleared before the local bank will issue a certified check (The buyer should allow at least 7 working days for this, or have the funds wired directly into the local bank account.)
An intermediary who is in control directs action. It is a good idea to give the new buyer a checklist of necessary items to do before closing. For example, they should go and see about getting the electricity service in their name. They should deal with the telephone company, especially if the business has traditionally carried an ad in the Yellow Pages. These are all the things necessary to get the business ownership changed and will keep them busy day-by-day. You accomplish two goals by doing this. First, buyers can deal with many of the time consuming tasks right away. This way they can start right in after the closing on the training period and won't be distracted with the bother of going to City Hall, visiting the phone rep., etc. Second, they begin to get a feel for owning the business. They are making decisions and taking part. This is much more positive than simply waiting for closing to occur. You've already seen that many buyers and sellers become worried about their decisions when left to just wait.
Additionally, the buyer can tour competing businesses in the same marketplace to find out what they are doing, look at their volume, and see if there are any ideas to pick up from their operation so that he can be more successful. Meanwhile, your seller is going to be busy just running the business in most instances. It is also a good idea to make sure that the seller receives a checklist of things that he has to do to get the transaction closed. These include checking out the equipment to make sure it is in working order, continuing to order inventory, continuing to operate the business in a normal manner, etc.
In directing the transaction process, stay involved with the buyer and seller, the lender, the escrow attorney, etc. Anytime you turn control over to others, you lessen the probability of completing a sale. So it is very important that you stay in control. You should ensure that the buyer and seller comply with the local licensing laws, permits, and inspections that the transaction goes through on time.