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Questions About Selling A Business

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collegeweb

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May 30, 2012
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biophase

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I own a home service company which I have decided it is time to sell.

I listed it on BizBuySell - The Internet's Largest Business for Sale & Franchise for Sale Marketplace and gotten a few inquiries.

It is customary to request proof of funds and non disclosure before discussing further?

It depends on the price range. When I was selling mine they just signed at NDA. Most needed loans so no proof of funds were shown. They didn't get to see financials until we had a signed LOI.
 

NanoDrake

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If I can share something with you it's John Warrillow, built to sell.
Especially in his podcast he asks to everyone if there was a "lowball" the acquirers used to buy the business.
What can I say after hearing ALL the episodes and taking notes is that UNLESS the buyer is strategic and has skin in the game, the more you LAWYER UP, meaning the more experienced and ON YOUR SIDE OF THE BENCH people you surround with in this, the better.
 

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