In this step, your intermediary solicits the buyer candidates.
When a buyer candidate responds to a solicitation letter, the intermediary sends the Profile and the Confidentiality Agreement and requests additional qualification information.
Once you have a signed Confidentiality Agreement and you are satisfied that the candidate is qualified, the intermediary sends the Descriptive Report.
If, after reading the Descriptive Report, the candidate is interested in pursuing further, they will request a site visit.
Buying a business is like buying a home. No one ever bought a home without visiting the site. The site visit allows you to determine if the chemistry is right. It lets the buyer get to know you and to assess your motivation.
One of the biggest fears a buyer candidate has is that you will go through the entire process and then not sign the closing documents at closing. So your reason for selling is very important to any buyer candidate.
After the site visit and further analysis, the buyer will make a decision whether or not to go ahead. A decision to go ahead will be indicated by an offer, usually in the form of a Letter of Intent.