Working with King & King, or a King & King Affiliate Broker, will dramatically increase the chances of selling your large or small business faster and for more money than with any other brokers. It is the goal of every one of our honest hardworking professionals to help you realize your entrepreneurial dreams.
The Business Selling Process
- Data Gathering Process - You provide us with all the necessary documents and data required for selling your business. Including Federal and State tax returns, lease agreements, inventory, also a list of furniture, fixtures, and equipment with current values.
- Valuation & Pricing - Your Broker will need to analyze your business, documentation history, and suggest a realistic selling price to ensure a timely transaction.
- Advertising – We advertise your business on several company owned “business for sale” websites that are geographic specific or trade specific. Additionally, we will list your business on several other “MLS” style websites. On rare occasions we will use newspaper advertising when our internet/technology marketing efforts have failed to reach a buyer for the business.
- Screening – We interview prospective buyers to eliminate those who are not able or not ready to purchase a business at that time. We require a signed, non-disclosure/confidentiality statement and a financial profile.
- Introduction – King & King then presents your business to qualified potential purchasers.
- Meeting – Your broker will set-up a meeting for you to meet the potential buyer.
- Assist With Financing – We have many financial resources, including lenders who specialize in SBA loans or conventional business loans, and we will assist you and the buyer in determining which method of financing will work for all parties and lead to a successful closing.
- Offer to Purchase – We encourage buyers to write a fair offer, which will include an earnest money deposit.
- Present Offer – We will present the offer for purchase to you. At that time, we can provide you with more detailed background information on the buyer and explain the buyers reasoning behind the offer.
- Accept the Offer – You may accept the offer as presented, or you may use our knowledge and experience to structure a counter offer.
- Mutual Acceptance – You’re King & King Broker will work closely with you and the prospective buyer to arrive at a negotiated agreement that all parties can live with.
- Inspections – Nearly all offers are contingent upon the buyer’s inspection and approval of all aspects of the business operation including financial records. The handling of due diligence is the most important step in the process of a successful sale. You will need to satisfy to the buyer that you have all the necessary licenses and permits necessary to operate the business.
- Contingency Removal- The buyer needs to remove all the contingencies for the agreement to become a binding offer for purchase and sale.
- Lease Assignment- We work to present the buyers experience and financial qualifications to the landlord in order to obtain a lease assignment or a new lease.
- Closing Preparation- The closing documents are based on hundreds of prior transactions. They are tailored to meet the individual needs of you and your buyer at the time of the sale. Most often they are coordinated by a transaction attorney.
- Inventory- When applicable, we will assist you in finding professionals to assist you with the inventory process.
- A Successful Sale- We assist with the many details required for a smooth transfer of possession, all parties then sign the final purchase agreement, the business is transferred and funds are distributed