About
First Team Commercial is located in CA and offers the professional services that successfully bring buyers and sellers together. When Selling: • There are No Upfront Fees to the Seller • We pay for the Full Confidential Marketing of the Business Steps to Successfully Sell Your Business – 1) Business Owner Provides Financials. We or your Accountant will assist in recasting the financial statements to determine the Discretionary Earnings of the business. 2) We Prepare a Confidential Business Profile. When we advertise on selected business websites which cater to buyers and business brokers, we require the potential buyer and/or the business broker to complete a Confidentiality Agreement with an additional buyer’s financial questionnaire. Once completed and returned, we forward the buyer and/or their business broker the confidential business profile which contains pertinent information concerning the business’s financial performance, location, square footage, assets, etc. 3) We Screen all Potential Buyers. Prior to the potential buyer coming to the business, we qualify each buyer to make certain they can afford the business for sale. Many times financing will be required for larger transactions and this might involve an SBA loan or Seller Financing. Once verified that the buyer is willing and able to continue the purchase process, we suggest a meeting with the buyer and seller present to discuss the aspects of the business. 4) The Buyer makes an Offer. We either assist the buyer in making the offer, or if the buyer is represented by another real estate broker, we review their Offer and present it to you. We prefer all offers to be written on the Standard CA of Association Realtor’s form or CABB Purchase Offer form. Once the offer is presented, we assist you with either an acceptance or the counter offer. 5) The Offer Confirmation and the Due Diligence Phase. Once the counter offers and offer have been agreed to by buyer and seller, we enter into the due diligence phase, whereby the buyer has an opportunity to review all of the business’s financials, business records, tax records, lease etc. A buyer should never purchase a “pig in a poke” and it is our job, with your assistance, to make certain all information pertaining to the business is fully disclosed to the buyer. 6) Contingency Removal. Once the buyer has satisfied their contingencies, which typically takes 30 days, we move forward with the escrow to perform lien searches, obtaining the necessary releases, etc. These are Generic Bulk Sale Requirements Needed During the Escrow Process: Copy of Seller/Buyer agreement FROM SELLER: Business name (DBA) and address Seller name and address (if other than business address) All other business names and addresses used by Seller in last 3 years All variations of Seller name Residence or corporate address for post closing Address of assets if different TIN (Taxpayer ID) Depending on type of entity Seller is-required documentation varies State Board of Equalization (SBOE) account number and copy of permit Employment Development Department (EDD) account number Franchise Tax Board (FTB) account number or TIN Copy of personal property tax bill issued by County tax collector Copy of liquor license, if applicable General description of assets being sold (for Notice to Creditors) Complete listing of Furniture, Fixtures and Equipment (FFE) Listing of secured creditors Contract(s) Buyer to assume Lessor information-name, address, phone, fax FROM BUYER: Name and address (if you plan on forming an entity later on before closing, a new Notice will have to be published and the time line will start over and you will incur additional costs) Depending on type of entity Buyer is-documentation varies TIN (taxpayer ID) Deposit to open - if nothing specific in contract, we require at least $1500 Allocation of purchase price 7) Closing Escrow and Afterwards. Once all of the closing conditions have been met, we go to the business to count and value the final inventory and exchange the keys.
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