The main phases in the M&A process from a seller’s perspective are: Preparation: Before putting a company up for sale, it's important to prepare it for the sale process. This can include gathering all the necessary financial and legal documents, identifying any potential issues that may need to be addressed, and determining a valuation for the company. Marketing: Once the company is ready to be sold, it's time to start marketing it to potential buyers. This includes creating an anonymous company profile document for potential buyers. Once a buyer is interested, they will sign a LOI (Letter of Intent), which gains them access to detailed information via a Confidential Information Memorandum (CIM). The CIM provides financial sales history and detailed company information. Due diligence: Once a potential buyer expresses interest in the company, they will conduct due diligence to verify the information provided in the CIM and to identify potential risks or issues. This can be a lengthy and detailed process, and involves reviewing financial statements, contracts, legal documents, and other key information. Negotiation: Once due diligence is complete, the buyer and seller can begin negotiating the terms of the sale. This includes agreeing on a purchase price, defining the scope of the transaction, and outlining any contingencies or conditions that need to be met. Closing: Once the terms of the sale are agreed upon, the final step is to close the transaction. This involves signing a purchase agreement, transferring ownership of the company, and completing any necessary legal or regulatory filings.