What to Expect During the Michigan Business Sales Process

Selling your Michigan business involves a series of steps. Here's a breakdown of what to expect:

Phase 1: Planning & Preparation:

• Initial Consultation: Discuss your goals, timeline, and expectations with your business broker. They'll guide you through the process.

• Business Valuation: Establish a fair market value for your business based on financials and market conditions.

• Marketing & Buyer Targeting: Your broker will create marketing materials and identify potential buyers based on your industry and criteria.

Phase 2: Negotiations & Due Diligence:

• Buyer Offers: After marketing your business, qualified buyers will submit offers. Your broker will help you evaluate and negotiate terms.

• Due Diligence: Serious buyers will conduct thorough due diligence, examining your business's financial records and legal standing.

• Legal Review & Closing: Both parties will engage legal counsel to review contracts and finalize the sale.

Timeline:

The sales process can take anywhere from 3-12 months, depending on your industry, business size, and market conditions.

Your Role:

While your broker handles the heavy lifting, you'll be involved in key decisions, providing information and approvals during negotiations and due diligence.

With a clear understanding of the sales process and a trusted business broker by your side, you can navigate your Michigan business sale confidently.

Remember, this is just a starting point. Consulting with a qualified Michigan business broker can provide personalized guidance specific to your situation.