Receiving an offer for your classified sale is exciting - you have an interested buyer, however there is still a way to go before the sale is finished.
- Check that the buyer has performed all due diligence and does not have any questions
- Prepare a contract of sale with clear deliverables and terms
- Ensure you have clear asset transfer processes ready and communicated with the buyer
Flippa advises against accepting an offer prior to having a discussion with the prospective buyer. You do not have to accept an offer, you may counter or reject. If you do decide to accept the offer, you end the sale and commit to selling the business to the buyer. But the process doesn’t end there. The buyer may want to conduct further due-diligence.
The due-diligence process can take time depending on the complexity of the business. You will need to prepare ahead of time to ensure you have everything in place including access to key documentation.
Once due-diligence is completed to the satisfaction of the buyer, the buyer is likely to request a contract of sale to document what has been agreed. You can either supply this or the buyer may insist that it’s on their paper.
Flippa can assist with a contract of sale and transferring funds. We have a dedicated post sales enablement team to assist with the final stages of the sales process. We have a template sales agreement available for your convenience and this is attached, however we recommend you seek your own legal advice with respect to the final contract of sale.