In part one of this two-part blog series, we went over some of the initial elements that play a major role in closing a business sale of any kind. Closing your sale is one of the final and most important stages you'll go through, and knowing the basic steps to move through will be very helpful in the long run.
At Utah Business Consultants, we're here to help with any and all needs you may have while selling your business in Salt Lake City or surrounding areas of Utah. We assist with everything from exit planning and business valuations to sale closing and much more. Today's part two of our series will go over the final elements of closing your business sale, ensuring you know how to manage these important areas.
Approval of Financing
While this is an area that primarily involves the actions of a business buyer and the lender they're using to finance the purchase, there will still be conditions that need to meet in order for your sale to move forward. Generally, you and your buyer's attorney can help ensure that all financing terms are approved by both parties before any closing documents are signed.
As you're going through the process of closing, be sure to also work with your buyer's lender about any specific holdbacks and conditions that need to be met in order for the sale to happen. These may include things like a certificate of occupancy or other compliance documents that needed prior to closing.
Drafting the Final Agreement
When closing a business sale, a lot of details will need to be ironed out in order for the Agreement of Sale to be accepted by both parties. In most cases, you'll use an attorney or legal expert to draft up your Agreement of Sale for the particular transaction that's taking place. This document could include things like any contingencies, purchase price details, and the responsibilities of both parties after closing.
Once you feel confident in the Agreement that's been drafted, you can move forward with signing it and officially closing your business sale.
Signing Closing Documents
The final step before closing a business sale is to sign all of the necessary documents related to the transaction. This could include things like the Agreement of Sale, some closing forms, and any other documents that were required by your buyer or their lender.
At Utah Business Consultants, our experienced team can help you review all of these documents and ensure they're in order before signing. By doing this, you'll be able to move forward with confidence knowing that all of the paperwork is handled.
For more on this or any of our other business consultation services, please contact us today!