A business sale follows a proven sequence. Here you can see what happens in each phase, what you contribute and what the outcome is. So you always know where you stand.
A sale without a clear sequence drags on, wears on your nerves and weakens your negotiating position. A structured process ensures that several buyers reach the same stage at the same time. That creates competition, comparability and momentum.
Each phase has a clear objective and a tangible outcome. At every milestone, you decide whether and how to proceed. We coordinate everyone involved, prepare the documents, lead the buyer discussions and keep an eye on the commercial side while you continue to run your business.
Everything starts with a confidential conversation. You describe your situation, we listen and ask the right questions.
We clarify your goals: do you want to sell all or part of the business, when, at what price and with what role afterwards? At the same time, we gain a first impression of the company, its market and its figures.
Before any buyer is approached, it must be clear what the business is worth and how it will appear to buyers.
We adjust the figures for owner remuneration, private expenses and one-off effects, analyse value drivers and risks and derive a market-based value range. This forms the basis of the sale strategy: which buyer groups, which timetable, which structure.
Professional documents determine the first impression and the pace of the later review.
We prepare the anonymous teaser, the information memorandum and the financial model. In parallel, we build the data room with you and identify weaknesses a buyer would find, so you can resolve them beforehand. A vendor due diligence is often advisable as an option.
Now the competition begins. We approach selected buyers in parallel without revealing your identity.
Strategic buyers, financial investors and family offices first receive the anonymous teaser. Only after a signed non-disclosure agreement do they receive the name and the memorandum. We conduct the discussions, answer questions and collect indicative offers.
The most promising bidders get to know you and your business in person.
We prepare and moderate management presentations and site visits. We then negotiate the key terms: purchase price, price mechanism, earn-out, your role after the sale and exclusivity. The result is a letter of intent with the preferred buyer.
The buyer examines the business in detail. This is where good preparation pays off.
Finance, tax, legal, HR and, depending on the sector, technical or environmental matters are reviewed. We manage the data room, coordinate question lists and make sure findings are put into proper context rather than putting unnecessary pressure on the price.
The key terms become a binding contract.
Your lawyers and the buyer's lawyers negotiate the purchase agreement: warranties, indemnities, liability caps, non-compete and transition arrangements. We keep an eye on the commercial side and make sure the negotiated outcome is what ends up in the contract. For shares in a German GmbH, the agreement must be notarised (§ 15 GmbHG).
At closing, ownership of the business passes to the buyer and the purchase price is paid.
Between signing and closing, conditions are fulfilled, such as clearances, approvals or financing. Then the handover begins: employees, customers and suppliers are informed, and responsibility and know-how pass step by step to the new owner.
An anonymous one to two page summary that sparks interest without revealing your identity.
Obliges interested parties to confidentiality before they receive details.
A detailed presentation of the business model, market, team and figures.
A declaration of intent covering purchase price, structure, timetable and usually exclusivity.
An organised collection of all documents relevant to the review.
The binding contract covering purchase price, warranties and liability.
You will find more detail on timing, documents and typical mistakes in our guide The business sale process.
Usually 6 to 12 months from the first conversation to closing. The handover to the buyer can take several more months after that.
Yes. Until the purchase agreement is signed, you are under no obligation to sell. A letter of intent is also non-binding on the essential points.
That is your decision. Usually only a few key people are involved at first, and the workforce is generally informed around signing or closing.
Most of it during the analysis, preparation and due diligence phases. We take care of coordination, documents and buyer contacts, so you can concentrate on running the business.
A lawyer with M&A experience for the purchase agreement and your tax advisor for the tax structure. We work closely with both.
Similarly, just from the buyer's perspective: search profile, screening, outreach, valuation, offer, due diligence and contract. You will find details under Buying a business.
Phase 1 begins with a confidential conversation, without obligation.
Arrange an initial meeting