Question:

What should I do next as a Seller when an offer is made on my listing?  

Answer:

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 it. If you do decide to accept the offer, you end the sale and commit to selling the business to the buyer.

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 advisor with respect to the final contract of sale.