What happens when an offer is accepted?

Your business broker will draw up a Memorandum of Agreement (MOA) when you have chosen the successful bidder. This MOA confirms the seller and buyer’s details, as well as the legal professionals involved. The business is then in the phase of ‘sold subject to contract’, and the actual transfer of ownership only occurs when the legal teams have drawn up legally binding documents, which are reviewed, amended and signed by all parties.

What is your agent’s opinion?

Before responding to the offer, get your agent’s thoughts on the minutiae of the offer. Are they of the opinion that the buyer has offered their maximum, or do they think you could wrangle a higher price or higher value out of the buyer? They might think it is a waste of time to do a counteroffer and recommend that you move on to the next buyer rather than flog a dead horse.