re: Any Business Brokers on the board?

Are you buying or selling? Either way, you need a letter of intent from buyer with basic price they are willing to pay with financial terms and basic structure, (who gets the ownership). It should also show where the money is coming from; cash, loans, owner finance with interest payments. Once the preliminaries are agreed to, then the buyer will do due diligence to test valuation, accounting rectal exam, liabilities, etc. Finally, if all is acceptable you get to an operating agreement where the details are hammered out.