Mergers & Acquisitions...
Merfeld & Schine, Inc.
Selling Your Company, Step 15:
Closing of the Business Sale
Itís payday! Itís a long and winding path to this point. In theory, by the time the closing is scheduled, everything should be well organized by the lawyers. Documents will be signed by the buyer and seller, and by others such as bankers and brokers. Ultimately, ownership is transferred to the buyer.
Oftentimes though, there are loose ends, last minute issues, and other complications. Iíve been to closings that take as little as a half hour and as long as 2.5 days. Iíve only once had a deal collapse at closing: buyer got cold feet an hour before the closing, failed to show up and, forfeited a $25,000 deposit.
Traditionally, closings take place in a lawyerís office with the parties sitting around a big conference table, signing documents, and settling small issues (such as: do you have an extra set of keys for the front door) . Nowadays, many closings are done electronically: using email, fax, and web conference with all the parties at different remote locations.
Additional Information: Transactions Structures
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We focus on (but do not entirely limit to) companies with sales in the $1MM to $20MM range located in the New England States: MA, CT, NH, RI, VT, ME.
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