The process of selling a business to a private buyer typically involves several key steps:
1. Valuation: Obtain a professional valuation to determine the business's worth. 2. Preparation: Organize financial statements, operational records, and legal documents. 3. Marketing: Confidentially market the business to potential private buyers. 4. Negotiation: Engage in discussions to agree on terms and conditions. 5. Due Diligence: Allow the buyer to conduct a thorough examination of the business. 6. Closing: Finalize the sale with legal documentation and transfer of ownership.