There are a few key things we’ve learned in selling companies over the years that will help all the people involved in the deal, as follows: (1) In representing the seller, we need to get a Non-Disclosure Agreement (NDA) in place with interested prospective buyers. We don’t automatically send an NDA out. We have a phone conversation first to qualify the buyer (experience, intent, financial capability), impress upon that person the seriousness of confidentiality, and outline our process. (2) With the LOI, we request a copy of the bank term sheet (proof of approval for source of funding) and then we will confirm that the funding process will be underway immediately after Due Diligence is completed – in effect, running concurrently with the drafting of the Definitive Agreement by the attorneys. We also like to see language in the LOI that the buyer is personally guaranteeing any seller note (if that is a part of the terms) and that a personal financial statement will be provided upon request. (3) Related to funding, if the buyer is getting an SBA Loan we will need a schedule of required documents and a timeline for delivery of those from the buyer and the bank at the start of the Due Diligence process. We’ve had challenges in the past when the buyer and bank were not organized and prolonged the process. (4) We strive to avoid Closing Dates of March 31 or September 30 due to tax preparation workloads on the seller and buyer CPA firms.