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Selling a Business is All About the Process
Most business owners, have thought about selling their business a time or two. They've imagined, dreamed, and wondered what it would be like to be free of all the trappings, headaches, and burdens of running their company. They probably also wonder how cumbersome the sale process might be and what it entails.
While we can't tell what their imagination dreams up at the thought of freedom, we can tell them that selling a business requires a substantial commitment and should be a calculated decision. As with most endeavors, whatever effort is put into the process is what will come out of it.
A fundamental element to a successful sale is preparation. Knowing what to expect, understanding the motives of the most probable buyer, anticipating their questions, and vetting potential problem areas of the business that might inhibit or delay an eventual sale are key to a positive selling experience. Once business owners feel comfortable with these basics they just might stop wondering and take the leap necessary to begin living that dream.
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We Are Fortunate to Live in Texas
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Ask the experts section
Q: How much does escrow cost to close a business sale?
A: We've been using the same escrow attorney to close our deals for almost 25 years. Customarily, escrow fees are split 50/50 between the buyer and the seller and vary depending on the size of the transaction. Total cost is less than 1% of the purchase price of the business. However, there is a minimum fee for unusually small deals. Other charges may apply to one party or the other for specific services such as lien filings, lien searches, non-standard documents, and real estate closing documents (if property is part of the sale).
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