We have finally made it to the closing table! All Pre-Closing activities such as transferring the lease, the buyer and seller statements, and finalizing the financing have been completed. Funnily enough though, most closings are completed virtually, so there is no actual closing table per say, but that doesn’t make arriving at closing any less significant!
At closing, the asset purchase agreement is signed by both the seller and the buyer. This document, is usually drawn up before closing during due diligence to make sure every aspect of the sale is set and agreed upon prior to the actual sale of the business. A few days before the closing date, the buyer will complete a wire transfer to the closing agent (and their transactional attorney) for the full amount due to the seller at close. Once the closing documents are signed, the transferred funds will be distributed to the seller per the terms of the Seller’s Statement.
After all remaining documentation has been executed and the funds have transferred to the seller, the business purchase transaction can be considered complete and the champagne can be opened to celebrate the momentous occasion!
If you are interested in buying a business or selling a business we invite you to visit our website or schedule a complimentary and confidential consultation with one of our business brokers today!
Rachael Holstein has been the Marketing Manager for Transworld - Rocky Mountain since 2016. Her work experience has been largely focused on business development and marketing in business brokerage, finance, architecture, property management, and information technology. A long time resident of Cleveland, Ohio, she attained her undergrad from John Carroll University and her Master’s Degree from Cleveland State University. In 2013, she relocated to Denver with her husband, Joe, and her furry companions to explore the mile high lifestyle!