|
STEP |
TASK |
RESPONSIBLE PARTY |
DATE DUE |
DATE COMPLETED |
| 1 |
Contact Vendor |
Understand Vendor’s requirements & Pricing Expectations Explain BBN Services and Vendor’s commitment |
Agent |
ASAP |
|
| 2 |
Vendor |
Complete BBN Business Appraisal Worksheet |
Agent / Vendor |
|
|
| 3 |
Sign up Listing |
Prepare Form 6. Acknowledgement of Agreement |
Agent |
|
|
| 4 |
Meet Vendor |
Sign Form 6 & Acknowledgement of Agreement Demonstrate example IM |
Agent / Vendor |
|
|
| 5 |
Photograph |
Photograph Premises for IM & Advertising |
Agent |
|
|
| 6 |
Contact Accountant |
Request any extra information |
Vendor / Agent |
|
|
| 7 |
Contact Landlord |
Clarify Term of Lease, Extensions or New Lease for Buyer |
Vendor / Agent |
|
|
| 8 |
Preparation |
Collate Information & prepare IM |
Agent |
|
|
| 9 |
Approval |
Present IM & Ad Drafts to Vendor for approval |
Agent / Vendor |
|
|
| 10 |
Marketing |
Load Listing on Business Sales Websites |
Agent |
|
|
| 12 |
Buyer Enquires |
Reply to all enquires, Qualify Buyers |
Agent |
|
|
| 13 |
NO ENQUIRES |
Go to Item 18 |
|
|
|
| 14 |
Meet Buyers |
Meet Buyers Offsite, if possible their property or new Business for Sale |
Agent |
|
|
| 15 |
Inspections |
Carefully controlled by Agent at an appropriate time, Vendor to be available for questions or reference. Buyer will be given offer form |
Agent / Vendor |
|
|
| 16 |
Negotiations |
Buyer may submit offer OR Agent to follow up , ascertain level of interest from Buyer and what they see as their progress in procedures. Supply feedback to Vendor |
Agent |
|
|
| 17 |
Contract of Sale |
Prepare Business Sale Contract (offer from Buyer in writing and conditions they require to settle) |
Agent |
|
|
| 18 |
Accept Offer |
Vendor subject to their Solicitors approval, signs contract so that Due diligence process can proceed |
Agent / Vendor |
|
|
| 19 |
Due Diligence |
Buyer’s advisors will request information to verify what is on offer |
Agent / Vendor / Buyer / Advisors |
|
|
| 20 |
Adjust Marketing |
Meet with Vendor, discuss any enquires and feedback, change Marketing or Asking Price |
Agent / Vendor |
|
|
| 21 |
Buyer Enquires |
Back to step 9 to continue process |
Agent |
|
|
| 22 |
No Interest |
Meet with Vendor, discuss any enquires and feedback, change Marketing or Asking Price |
Agent / Vendor |
|
|
| 23 |
Still no interest |
Meet with Vendor to discuss instructions |
Agent / Vendor |
|
|
