What are the prior steps for the purchase / sale of a business?

The purchaser can show its interest to the owner of the business by sending him, at first, a letter of intent assorted of clauses of confidentiality and exclusivity, which will allow him to have access to the documentation of the business. The letter of intent does not bind the parties. If the purchaser is satisfied with the documentation submitted, he can deposit an offer to purchase with the seller. This offer is usually accompanied by conditions such as the right of the purchaser to make a due diligence within a certain time limit as well as the obtaining of a financing. This offer to purchase is going to provide also certain essential clauses which will appear later in the sale contract itself.

As from the moment the seller accepts the offer to purchase, this one becomes a promise to purchase which obliges both parties to conclude the sale on the agreed date if all the conditions set out in the offer have been satisfied.