BUSINESS FOR SALE LISTING PROCEDURE & TIMELINES

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