Other prospects-those persons who read our ads, visit our web site, receive our mailings, attend our seminars, and read our articles. Visit the facilities with the prospective buyer. These eight steps normally take an average of six months. The owner s time commitment is usually quite limited during this process. Seller probably makes a counter offer to this letter of intent.
Buyer accepts counter, and business is taken off the market.
Normally, a buyer now puts some money in escrow. The due diligence process begins. This is the point in the process where the buyer investigates the seller and visa versa. Using a highly experienced broker who actively quarterbacks the due diligence process can greatly reduce the risk of a deal falling apart. A closing takes place.