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How To Handle The Closing Process And Transfer Of Ownership

As a sales person or business, you know that the closing process is important to the successful sale of your product. You may also know that this process can be somewhat tedious and challenging. Here are some helpful tips on how to best handle this step in the sales process. You can visit here to see more.

Have a Plan

Have a clearly defined plan for the closing process. This way you will know exactly what to do and when to do it. Before you start, have all of your necessary signatures in one spot. This is important. Do not stop to negotiate, or answer any necessary questions during this time. Remember, this process is about the sale and nothing else.

Have all necessary signatures on hand

You need to have all of the necessary signatures in place before you begin closing. You will also need to have a list of all questions that you may need answered, or other issues that you may not be prepared for during the closing process.

Decide on the way you intend to close

There are three basic ways that you can close: auction, sealed bid or private sale. Each has a different feel and can be effective in various circumstances.

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Don’t be afraid of the auction.

Be excited when it is time to have an auction! It will be fun and everyone will want to know what is going on. You need to make sure that you are prepared for the auction process. Have all bids well organized before you start your bidding. Another trick is to have a very low reserve price, giving your competition little to bid against. When you get down to the final two or three bidders, take a deep breath and raise the price significantly.

Be prepared for the sealed bid

Sealed bids require an exact amount in a stamped envelope. This may be challenging, but if you have practiced this process, it will not be as bad as you think. If you do not receive all of the bids needed, or get the right amount, continue with your backup plan without skipping a beat.

Private sales

Private sales are good for exclusive situations. If you only have one potential buyer in the area, this may be the best option for your situation. You will have time to go over all of the details with your buyer and let him know that no one else can bid against him. This is especially effective if the products are extremely valuable, or there is a shortage of supply at this time.