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Sales Process

 

1.  PLANNING

Free Consultation - Our primary goal is to understand our client's priorities and verify that they are prepared to navigate the complex transaction process.

Valuation - Your Legacy Advisor will help you determine what level of valuation is appropriate for your business.  The Advisor will then perform a comprehensive valuation in order to determine the range of value to be expected at the time of sale.  

Engagement - After the valuation review, the listing proposal will be reviewed and signed by the Advisor and Seller.

2. MARKETING 

CIM - The CIM (Confidential Information Memorandum), is a detailed overview of the business that will help answer most questions a Buyer would have about a business.  This is an extensive document that will take some time to create, but saves tremendous time during the Deal Making Phase.

Buyer Search - Legacy will notify Buyers in the database about your listing.  Legacy will also pre-screen buyers before providing the CIM, to help ensure only Buyers that meet specific requirements are able to see any confidential information.

Marketing - The Legacy Advisor will create a business profile that has some key business indicators, but is generic enough to maintain confidentiality of the business.  

3. DEAL MAKING

Negotiation - Working with an intermediary who understands what it takes to successfully sell a business is invaluable when it comes time to negotiate the terms of the deal. Your Legacy Advisor will act as a buffer and coordinate this process from start to finish.

Due Diligence - Buyers will normally require a due diligence contingency that allows them time to verify or validate information regarding the representations the seller has made about the business. 

Closing - Once all contingencies are removed, closing documents are drafted for review.  Legal and financial counsel are recommended to participate in the review of these documents.  Once complete, closing is scheduled and the transfer of the business is finalized.  Post closing, there is normally a transition period that can be a short as a few days, but can last as long as a year or more, depending on what the Buyer and Seller have agreed to.  

 

 


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