Appointed professional advisors.
Agreed realistic value of company.
Presented to potential buyers.
Appointed lawyers.
Negotiated deal.
Signed heads of agreement.
Due diligence (took five weeks).
Warranties about bad debts, profits etc.
Disclosure – need to reveal anything that could effect value of business.
Final negotiations.
Signed the deal.
l Airtours held its first meeting with Panorama in July 1998 and signed the deal in September. Panorama started marketing the company at the beginning of last year.