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How to Determine a Selling Price for a Business
Advertising a Business for Sale
Closing on a Business
Selling Part of a Business
Selling a Business Online
Dissolving a Business Partnership
Selling Your Small Business
How to Close a Sole Proprietorship
How to Do a Bulk Asset Sale
Transferring a Business Title
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Summary: Closing on a business happens about eight months after the contracts are ratified. Learn how to close a business during a buy from a professional broker in this free video on business.
Robert Nizza consults with business owners to prepare them for the sale of their businesses. The process includes offering an opinion of value, finding buyers and guiding the...read more
"Hello, I'm Robert Nizza, with the BTI Group in San Francisco, and I'm going to talk to you a little bit about closing a business. What does closing mean? Closing a business takes, on average, for a small business that the purchase price is somewhere between several thousand dollars to several million dollars--it usually takes about eight months to close a business. What does that mean? It's eight months from the time you have a ratified contract. Ratified means that it's mutually signed by both parties. It takes about eight months to close the business. During that time, the due diligence on the business is done. If it's a bulk sale, a bulk sale notice is run in a local newspaper. The parties get together and talk about employees--the employees are interviewed. There's a lot of work that a buyer of a business has to do in order to feel comfortable proceeding with the business. The closing is usually performed at an escrow office, and present are buyer and seller--or if there are any lenders there. Closing is the day where everybody pretty much signs off. The buyer gets a loan for the business, the escrow agent takes care of all the liens and anything related to the franchise tax board. All the things related to closing the business. The day after closing is the first day that the buyer will be owning the business. And that's about closing the business."
eHow Article: Closing on a Business
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