When should you get a deposit?

Question

I am selling my small business without a realitor. We have agreed on a price and now they are asking for our past financials and tax returns for there accountant to review. However they have already seen all of these numbers. Is it wrong to ask for the deposit before I have my accountant send the numbers to theres?

Answer 1

Only if they have some expectation that they have first right of refusal on the business. The point of a deposit is to either establish credit/trust or to reserve a transaction, so if you still want to be able to offer to sell to anyone else while this potential buyer is still evaluating the deal, then you don't take a deposit.  

Answer 2

I agree with Gravy. Once you take a deposit, you are locked in with that one buyer. If you do not take a deposit, you can entertain other offers from as many potential buyers as you want to. If you put off taking a deposit and another buyer shows interest, you could end up with a bidding war to buy your business. That assumes that your books show decent profits and the business is in good financial condition.

Good Luck!!