Are you selling your school either on your own or with a broker and are at the point where someone is interested. There are many next steps. Here are some, which of course vary depending on the situation and the professionals you have in involved. What are effective processes and where have the stumbling blocks been when you have sold your school or if you are currently in the process?
Letter of Intent (Be sure your attorney reviews it.)
Negotiate final acceptable terms of Letter of Intent.
Give the potential buyer the opportunity to complete and sign off with the due diligence.
Deposit with Offer is a good faith refundable deposit until due diligence is completed and signed off at which time the deposit goes firm against the contract.
Contract terms are negotiated and contract finalized with additional non refundable dollars on signing. Other documents and agreements are negotiated as well such as consulting, non compete agreement lease assignment, transfer of licenses, change of ownership with various regulatory bodies, and more.
Date is set for closing, which in many cases will be subject to financing .
Most offers will be subject to audited financial statements and possibly other requirements
One step at a time.!!