THE SELLING PROCESS

Timing
Understand Understand Objectives Objectives Perparation of Perparation of Detailed Work Detailed Work Programme Programme Identify Identify Candidates Candidates Assess Value Assess Value And Financial And Financial Sturcture Sturcture
Agreed Agreed Timetable Timetable

Initiate Initiate Sale Process Sale Process

Value Drivers Value Drivers

Narrow Narrow the Field the Field Limited Limited Additional Additional Information Information Meetings Meetings with with Management Management Preliminary Negotiations

Narrow Narrow the Field the Field Facility Facility Visits Visits Due Due Diligence Diligence Management Management Interaction Interaction Negotiate Negotiate Structure Structure and Terms and Terms
Letters of Letters of Intent Intent

Transaction Transaction Strategy Strategy

Customised Customised Sales Process Sales Process

Buyer List Buyer List

Pricing Pricing Expectations Expectations Transaction Transaction Structure Structure Risks and Risks and Opportunities Opportunities Tax and Other Tax and Other Considerations Considerations

Prepare Prepare Selling Selling Package Package

Teaser Teaser Confidentiality Confidentiality Agreement Agreement Confidential Confidential Memorandum Memorandum Customised Customised Agenda Agenda

Strategy Strategy Review Review

Preliminary Structuring

Contact Contact Buyers Buyers Solicit Letters Solicit Letters of Interest of Interest Evaluate Evaluate Initial Offers Initial Offers
Letters of Letters of Interest Interest

Solicit Letters Solicit Letters of Intent of Intent Evaluate Evaluate Offers Offers

Purchase Agreement Purchase Agreement Terms Terms Reps/Warranties Reps/Warranties Escrow Escrow Employment Employment Agreements Agreements Non-Competes Non-Competes

Close Close
Cash Cash Other Other Consideration Consideration

Business Business Ready for Ready for Disposal Disposal

Select Select Buyer Buyer Candidates Candidates

Select Select Buyer Buyer