The process for selling a business can be divided into 6 phases:
- Strategy and Planning
This phase includes understanding the owner’s objectives, preparing the business for sale and preliminary determination of the expected sale process. - Research and Analysis
This phase includes comprehensive company analysis and due diligence, proactive positioning and planning, and the assembly of a list of potential buyers. - Materials Preparation
This phase creates a Non-Disclosure Agreement (NDA), a Executive Summary Teaser, and a Confidential Information Memorandum (CIM) - Marketing and Bid Generation
This phase includes the primary market launch to the targeted list of potential buyers, follow-up with each potential buyer, and answering questions that are raised by interested parties. - Negotiations and Due Diligence
This phase includes evaluating and selecting potential parties for possible negotiation, setting up data rooms, management presentations and meetings with selected prospects and negotiating Letters of Intent - Closing, Documentation and Follow-Up
This phase includes final negotiations, creating of legal deal structures and related documents, filing closing documents and any post-closing activities that are required.