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How to Sell a Business: The Offer
Agree on terms before negotiating language in an offer or purchase agreement
Have an interested buyer? Don’t panic. Talk with the buyer. You will want to agree on the following basic terms:
- Amount of earnest money deposit and who is going to hold it
- Length of due diligence
- Training period
- Non-competition agreement
- Name of closing agent or attorney
- Any contingencies
Don’t waste your time preparing a ten-page purchase agreement if you can’t even agree on terms. Simply talk with the buyer and see if you can agree on terms. If you can agree on terms, then we suggest putting them on a one-page offer to purchase form or a term sheet. This helps you move the deal forward without having to worry about the purchase agreement. Please contact us if you need an offer to purchase form.