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INTRODUCTION Hello. My name is Eric Gall. I am a business
intermediary with Florida Business Exchange in Southwest Florida. If you are looking to
sell your business, you likely have quite a few questions about the process. This video
short is one of 18 I have created in a series to answer your most frequently asked questions.
HOW WILL YOU QUALIFY BUYERS? A question that is always asked by business
sellers is “How will you qualify buyers?” Confidentiality and time wasted on unqualified
buyers are always two primary concerns of a seller. The first step is to obtain a signed
non-disclosure agreement from all prospective buyers. The agreement outlines their responsibility
to keep confidential the sale of the business and all future information provided to them
regarding the business. The second step is to obtain a personal financial statement or
other form of proof they have the funds or access to the funds necessary to purchase
and operate the business. The third step is to interview the buyer or obtain their resume
to make sure their background and experience is sufficient to be successful in your business.
The final step before providing the name and location of the business for sale is to clear
the prospecitve buyer's name with the seller. This is done to protect against curious employees,
competitors or suppliers finding out about the business sale and negatively impacting
your business.
CONCLUSION Thank you for listening. If you have any questions
about this topic, or any other topic, please do not hesitate to contact me at 239-738-6227
or eric@buysellflbiz.com. I'm here to help you prepare your business for your eventual
exit.