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What Is the Final Offer and Signing Process for Selling My Online Business?

Posted by Mark Grossman in Articles

So you’ve already decided to sell your online business and hopefully you’re thinking about hiring an experienced website broker like those working at Website Closers to help you.

There’s no doubt that you already have the end goal of the final offer, the legal aspects and signing over the business in mind. In fact, this can help to keep you focused when you are first thinking whether or not it’s truly time to sell your business. You might have put plenty of legwork and effort into building your company, but now feel as though it’s time to move on. If this is the case for you, you are not alone.

Plenty of online business owners who turn to Website Closers for help with valuing and selling their business already have an end goal in mind. And envisioning this process can help to keep you on track and verify that it’s the right time for you to sell.

After due diligence has been completed when listing your online business for sale, a buyer will either pass on the deal because they identified information in their review that did not pass due diligence, or the buyer will make a final formal offer.

The original offer presented by the buyer might be adjusted, based on details reviewed in a due diligence process. In the event that the company did pass the due diligence inspection, your website broker will put together a standard contract for sale.

This contract is likely to contain numerous terms, such as the major aspects of the deal, noncompete details, the assets being sold, and the training and support terms would be provided by you as the business owner in passing on the company.

In many of these online deals, you will be selling the assets of the company and not the company itself.

This is the distinction between an asset sale versus a share sale. After all parties have reviewed and signed this contract, the transfer process begins. This process is carried out over several different stages including:

  • The sales contract is signed.
  • The broker establishes the escrow transaction.
  • Escrow transaction terms are agreed to by the seller and the buyer.
  • The buyer sends the agreed funds into escrow in which the funds become secured but are not officially released to the seller.
  • The buyer confirms that they have received all of the business assets as in line with the terms of the contract agreement and begins the inspection period.
  • The inspection period is used to verify that all assets transferred are in proper working order.
  • Buyer confirms the satisfaction with the assets obtained from the sale and informs the escrow service that it is time to complete the sale.
  • The escrow service formally releases the funds to the seller.
  • The buyer begins his or her training as the new owner of the business.

In these situations, it is beneficial to have a knowledgeable business broker, guiding you through the process.