Q: What happens after you identify a buyer for my business?
A: When we find an interested buyer, we’ll prepare an offer or proposal for your consideration. There may be one or more contingencies in a proposal, such as reviews of financial records, lease arrangements, franchise agreements (if applicable), and other pertinent business details. Most offers have pluses and minuses.
After you’ve carefully reviewed the proposal, you can accept the terms or make a counter proposal. You should understand, however, that if you refuse the offer, the buyer may withdraw it at any time. Conventional wisdom in restaurant brokerage is that “the first offer is generally the best.” This doesn’t mean you must accept the first – or any offer – just that all offers should be carefully studied.
Once you and the buyer agree, we’ll work with both of you to satisfy and remove all contingencies. Your cooperation, including working with any outside advisors retained by the buyer, is critical at this stage.
When all contingencies are removed and final papers drawn and signed, we’ll schedule the closing. That’s when the money is distributed and the new owner takes possession of the business. As your restaurant broker professional, we’ll be with you through the entire sales process.