Selling Process

Step 1 - Initial Meeting with Business Owner

• Explain importance of confidentiality.
• Opportunity for our group to find out more about your business goals and selling objectives, and for you to find our more about our backgrounds, our services and our process.
• Gather information from financial statements for free “opinion of value”.
• Preliminary Estimate of Value is completed 14 business days from the date that all financial and lease information is received.

Step 2 - Presenting Realistic Range of Value

• Explanation of Preliminary Estimate of Value.
• Does selling make sense for you and your business?
• Sell/hold timing analysis.
• Finalize asking price with owner (Buyers and lenders must have a justification before buying or lending.)

Step 3 - Representation & Discovery

• Exclusive Listing Agreement completed.
• Pre-Discovery process begins and the first stages completed in 7 days with owner.
• Confidential Business Report is completed 14 days after receiving discovery information from the owner.

Step 4 - Representation & Discovery

• Create 60- Day Action Marketing Time Line.
• Develop customized selling strategies. (See sample Marketing Plan)
• Identify targeted industry resources.
• Customized 60-day Marketing Plan Activated; Business is now on the market
• Goal is 3-4 offers.

Step 5 - Screening & Qualification of Buyers

• Field all inquires in a confidential manner.
• Collect all data required in Coffey Owens Group Buyer Process, including signed Confidentiality •
• Agreement. (See Buyer Process)
• Screen and financially qualify the buyers, in order to determine buyer’s capability to purchase and operate the business of interest.
• Verify Buyers initiation of lending process.
• On-going communications with the owner.
• Coffey Owens Group approves, arranges and attends all buyer/seller meetings.

Step 6 - Scheduling and Conducting Seller & Buyer Meetings

• Business owner sells potential buyer on the merits of the business to the buyer.
• Buyer sells owner on his ability to run the business as well as his financial stability to motivate the seller to extend credit to him.
• Chemistry is essential.
• We meet with seller for feedback on the initial meeting with the buyer. Provided that the feedback is favorable, we will communicate with the buyer to initiate the next step.

Step 7 - Reviewing Offers to Purchase / Negotiations

• Provide direction for the buyer to create an offer to purchase or letter of intent.
• Letter of intent signed and earnest money deposited.
• All documents necessary for the final deal package are created and/or collected by Coffey Owens Group for loan submission.
• Lender submits deal package to underwriting for approval.
• Coordinate Offer to Purchase/Letter of Intent with #1 Offer
• Keep Offers #2 and #3 alive in the Bull Pen.
• Seller and buyer agree on price and terms.
• Coordinate on-going communications with buyers/lenders.
• Coffey Owens Group works with the closing attorney to create all the legal documents necessary to complete the transaction.
• We coordinate due diligence with CPAs. (2-3 weeks)

Step 8 - Coordinate Closing

• Work closely with business owner’s CPA in areas of deal structuring/tax considerations.
• Follow Closing Checklist. (Closing Checklist attached)
• Instruct each party on what will be needed from them at closing.
• Orchestrate all participants to the closing table.
• Guide the closing process, addressing any last minute concerns or issues.

Step 9 - Provide Transition Follow-up

• We believe that the greatest strength about our services is in the quality of follow through and successful outcomes.
• We are compensated in 2 ways: a success fee and referrals.

We hope that you will tell your friends and peers about the Coffey Owens Group.