When you have a potential buyer, the first thing to expect would be to get an offer in writing. When you look at this proposal, you may find contingencies, which deal with a detailed review of your financial records, financing and/or environmental issues. Your buyer may even ask for details of your lease arrangement, and franchise agreement when applicable. At this point, you can accept these terms or make a counter offer.
Of course, if you do not accept the buyer’s proposal, he or she can withdraw it at any time. Even if you aren’t pleased with the offer you’ve received, you should look at it carefully. Even if it’s lacking in some areas, it might have other advantages, so don’t disregard it too quickly
The next step of the process takes place once you and the buyer are in agreement. At this point, you will need to satisfy and remove any contingencies. You and the buyer must cooperate during this process. Otherwise, he or she may feel you’re hiding something. Don’t be surprised if the buyer brings in outside advisors to review the information.
As soon as all conditions have been met, final papers will be drawn and signed. After the closing, money will be distributed and the new owner will take possession of the business.