Selling a business in North Carolinam, or anywhere else, can be stressful. There is always the real possibility of setbacks, including transactions falling through unexpectedly, and sometimes at the last minute. Preparing for the sale is often a key aspect of its success. The first step is gathering, analyzing and organizing financial information.
It is also the step in which a valuation is placed on the company prior to putting it on the market. Once all this work is done, it is now time to market the company, and this is generally done with the help of a business broker. If the preparation process was done correctly, it will generally be easier for the broker to market the company and begin talks with prospective buyers.
This part of the sales process is generally handled by the broker while the seller waits for a buyer to emerge. After a prospective buyer is found, it is time to start answering questions and performing due diligence. It may take several meetings between the potential buyer and seller before an offer is made. It may take about 30-60 days to complete the diligence process after an offer has been accepted.
In many cases, business transactions may be lengthy and complex affairs for buyers and sellers. This may be especially true if the company being purchased is small or if a large company is looking to buy another large company. An attorney may be helpful in both preparing a business for sale as well as answering any questions after receiving a purchase offer. If any disputes arise after the sale closes, legal counsel may also be helpful in resolving them.