At this stage formal offers have been verified and received and a deal in principle has been agreed, as such a period of due diligence will be entered. Standard areas of due diligence include reviewing financials, property, customer and supplier contracts, assets, employee and contractor agreements and insurance matters.
It is often useful, with the help of your business broker, to consider the kind of questions an acquirer will ask. If you were buying your business, what would you like to know about the company? Prepare your key personnel in advance so the process is a collaborative effort and as smooth as possible.