13 Sep Business Broker Buyer Representation Agreement
17. Within ten (10) days of entering into this Contract, the Seller shall make available to the Broker: (a) a list of all equipment and other assets to be included or excluded in the sale; (b) the profit and loss accounts, balance sheets and income tax returns of the enterprise for the last three years; (c) income statement, balance sheets and capital flow accounts for the current period; (d) leases; (e) copies of all licenses, contracts or agreements in any form; (f) all personnel agreements; (h) copies of all other documents relevant to the company. After discussing the opportunity with a business broker, the next step is to enter into a business brokerage agreement. You usually assess the value of the business; to offer it for sale, with or without disclosure of its identity; conduct initial interviews, interviews and negotiations with potential buyers; facilitate the progress of the due diligence investigation and generally assist in the sale of the business. Business brokers are usually paid at closing. Look for a language on when they expect to be paid for conditional or future payments you`ll receive from the buyer, such as promissional notes, indemnification reserves, and performance-based earnouts. In the event that the owner chooses to advance the sales route, it is likely that the most effective way to do so is to hire a commercial broker to make the sale. Many homeowners start selling their business and think it will be similar to selling a property.