The Coffey | Owens 9 Step Selling Process
Step 1 - Initial Meeting with Business Owner
- Explain importance of confidentiality.
- Opportunity for our group to find out more about your business goals and selling objectives, and
for you to find our more about our backgrounds, our services and our process.
- Gather information from financial statements for free “opinion of value”.
- Preliminary Estimate of Value is completed 14 business days from the date that all financial and lease information is received.
Step 2 - Presenting Realistic Range of Value
- Explanation of Preliminary Estimate of Value.
- Does selling make sense for you and your business?
- Sell/hold timing analysis.
- Finalize asking price with owner (Buyers and lenders must have a justification before buying
Step 3 - Representation & Discovery
- Exclusive Listing Agreement completed.
- Pre-Discovery process begins and the first stages completed in 7 days with owner.
- Confidential Business Report is completed 14 days after receiving discovery information from
Step 4 - Representation & Discovery
- Create 60- Day Action Marketing Time Line.
- Develop customized selling strategies. (See sample Marketing Plan)
- Identify targeted industry resources.
- Customized 60-day Marketing Plan Activated; Business is now on the market
- Goal is 3-4 offers.
Step 5 - Screening & Qualification of Buyers
- Field all inquires in a confidential manner.
- Collect all data required in Coffey Owens Group Buyer Process, including signed Confidentiality •
- Agreement. (See Buyer Process)
- Screen and financially qualify the buyers, in order to determine buyer’s capability to purchase and
operate the business of interest.
- Verify Buyers initiation of lending process.
- On-going communications with the owner.
- Coffey Owens Group approves, arranges and attends all buyer/seller meetings.
Step 6 - Scheduling and Conducting Seller & Buyer Meetings
- Business owner sells potential buyer on the merits of the business to the buyer.
- Buyer sells owner on his ability to run the business as well as his financial stability to motivate
the seller to extend credit to him.
- Chemistry is essential.
- We meet with seller for feedback on the initial meeting with the buyer. Provided that the feedback
is favorable, we will communicate with the buyer to initiate the next step.
Step 7 - Reviewing Offers to Purchase / Negotiations
- Provide direction for the buyer to create an offer to purchase or letter of intent.
- Letter of intent signed and earnest money deposited.
- All documents necessary for the final deal package are created and/or collected by Coffey Owens
Group for loan submission.
- Lender submits deal package to underwriting for approval.
- Coordinate Offer to Purchase/Letter of Intent with #1 Offer
- Keep Offers #2 and #3 alive in the Bull Pen.
- Seller and buyer agree on price and terms.
- Coordinate on-going communications with buyers/lenders.
- Coffey Owens Group works with the closing attorney to create all the legal documents necessary
to complete the transaction.
- We coordinate due diligence with CPAs. (2-3 weeks)
Step 8 - Coordinate Closing
- Work closely with business owner’s CPA in areas of deal structuring/tax considerations.
- Follow Closing Checklist. (Closing Checklist attached)
- Instruct each party on what will be needed from them at closing.
- Orchestrate all participants to the closing table.
- Guide the closing process, addressing any last minute concerns or issues.
Step 9 - Provide Transition Follow-up
- We believe that the greatest strength about our services is in the quality of follow through and
- We are compensated in 2 ways: a success fee and referrals.
- We hope that you will tell your friends and peers about the Coffey Owens Group.