Finally following our discussions of Pre-Closing in blog ten of our series on how to sell your company we have made it to Closing! Closing is that monumental step that everyone pictures in their mind when thinking about buying or selling a business. It brings up that great image of contracts being signed with fountain pens and keys jingling as they are exchanged. In actuality, most closings are done virtually these days. The contract for sale is typically drawn up beginning in Due Diligence and signed before the closing date.
Other documents, which are prepared and signed prior to closing, are the Lease Transfer, the Buyer and Seller Statements, the Bill of Sale, and the Non-Compete Agreement. A few days prior to closing, the buyer will complete a wire transfer to the closing agent for the full amount due to the seller. At closing, those transferred funds will be distributed to the seller based on the Seller's Statement. Once all documentation has been executed and funds have transferred the transaction can be considered complete and the celebrations can begin!
For more information on the closing process and how to sell a business, please schedule a complimentary consultation with one of our brokers today!
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Rachael Holstein joined the Transworld Team in 2016 as Marketing Coordinator. Her working experience has been largely focused on Business Development and Marketing in the finance, architecture, property management, and information technology industries. A long time resident of Cleveland, Ohio, she attained her Undergrad from John Carroll University and a Master's Degree in Global Interactions from Cleveland State University. She relocated to Denver in 2013 for a change of scenery and a bit of adventure.
