I often say that a deal that gets bogged down or doesn't keep moving forward tends to fall out (over 50% of all
California business for sale deals that go into contract tend to go this route).
Joe Robertson from Southern California Business Brokers (Joe can be reached at 949-307-3817) contributes the following info about this topic:
"Buyers, don’t lose precious days or weeks by sitting on any application that needs to be completed to advance a deal. Any delay on your part will directly impact the time it will take to close your deal. Slowing the process creates stress which can often damage or even destroy a deal. Don’t allow the “ball” to sit in your court.
Applications such as lease transfers, alcohol license transfers, or SBA loan requests all have detailed paper work that must be completed entirely and correctly. These forms often require extensive information and may include business plans, resumes of experience and sales and earnings projections.
The completion of these forms will take time and effort. It is easy to procrastinate completing this sometimes daunting task, but this will only delay you from achieving your dream of business ownership.
Here are a few suggestions to help you tackle completing your applications:
1. Make a photo copy of the original application and make a rough draft of your answers on the copy.
2. Be sure you complete each section or question in the application. Unanswered sections will only delay the processing of your application.
3. If you come across any unclear or confusing sections, immediately contact the party from which you received the form to request a clarification.
4. When you have completed the rough draft, carefully complete the original in black or blue ink. If your writing is not clear, request assistance from someone with more legible handwriting.
5. Sit down and review the completed application with your broker. He or she should assist you in verifying that it is done completely and correctly.
6. Finally, if possible, you should submit and review your application in person to ensure that you have provided everything required to proceed with the application, and to attach “your face” to the submittal.
Remember, in business sales, the process is long enough. Don’t be part of the delay, immediately tackle any application and keep your deal moving forward."
Whether you are trying to
sell a business,
buying a business or trying to get a deal done - keep the flow of paperwork, contracts, and to do items moving forward!
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