Close the Sale
1. Keep your sales pitch simple and compelling.
2. Answer questions thoroughly but succinctly.
3. Be prepared. Think through every document your buyer will need and have them organized and ready. Typically, you'll need a nondisclosure agreement, financial forms like bank statements and deposit verifications, leases, a list of assets, owners manual, detailed training information, customer and supplier lists, and of course, a bill of sale. Your particular business and industry may require it's own set of forms. Do your homework and have them ready. You need to be the driver in this process.
4. Remember that the more time, money, and energy your buyer puts into the process of buying your business, the more investment he has in seeing the sale go through. Remember also that time kills deals. Work effeciently and keep the process moving.
5. Have specific milestones to take you and your buyer through the selling process.
This step will serve a framework and a psychological aid to getting
your sale through to completion.
6. After your buyer says yes, keep your mouth shut. Stop selling.
Shake hands and offer congratulations.
7. Move carefully but quickly. The biggest deal killer is the passing of time.
8. Get conceptual agreement first. Then move on to the details.
9. Try to keep flexible. Keep your emotions out of it.
10. Close the deal and plan the transition. Then book yourself a vacation.