Buying a Business
Buying a business is a huge decision, maybe one of the most important steps of your life. There are many perks to buying and owning a business, especially the benefit of being your own boss and making your own hours! But buying the right business can also be a challenge, from finding the right one to working out all the details. Very commonly business buyers buy a business and find out that it was different than what they had been looking for.
Searching our large database of businesses, I can help you find a business that fits your criteria, financial needs, skills and lifestyle, and guide you through the entire business buying process.
I look forward to working with you to achieve your dreams!
Business Buying Process
It is important that the buyer is prepared with pertinent questions about a business to obtain information necessary to make an informed decision.
Here is a basic overview of what to consider when looking at buying a business opportunity and a simple breakdown of the business buying process:
Define Business Criteria
Together we discuss and define the type of business that you are interested in, one that will best compliment your abilities, and your income objectives from the business. We also define the price range and amount that you are willing to invest in the business.
Buyer Background Information
You provide us with basic information about yourself, such as a summary of skills, experience, and financial position. The more we know about you the more likely we can find a business that fits you and that will appeal to you.
Disclosure
You sign an agreement to maintain confidentiality for all the information provided to you on the businesses we discuss.
Introduction — Business Selection
We introduce you to businesses you are interested in, and that meet your criteria, and discuss the important factors of each.
Gather And Review Facts
Once we locate a suitable business for sale, that you have an interest in, we will provide you with the basic information about the business including price, terms, income, cash flow, and location. This allows you to review the facts and begin making an informed buying decision.
Meet with the Seller
If you like the business and think it could be a good fit for you, we will arrange for you to meet with the seller for discussion and see the business. Inquire about the business history, current employees, condition of equipment, customer base, vendors, and why seller is selling. Ask questions that will help you decide whether you may want to own and operate this particular business.
Make an Offer
If you like a business, and want to make an offer, we present a non-binding offer or “Letter of intent to Purchase” on your behalf. The main purpose of a non-binding offer is to see if the seller will accept your terms, price, and structure of the sale. Earnest money may be required to demonstrate the seriousness to the seller. The offer will be contingent upon performing “Due Diligence “or verifying the information received about the business, and is not binding until all contingencies are removed and the buyer is satisfied.
It is beneficial to include as part of the offer that the seller will stay with you a sufficient length of time to teach you the business.
Mutual Acceptance
The seller accepts the Offer to Purchase
as presented or submits a counteroffer. When buyer and seller agree to all terms and conditions of the sale, the offer becomes a Purchase and Sale Agreement
.
Due Diligence
It is normal when a business purchase is being considered, that both parties agree to have the buyer perform what is commonly called Due Diligence
This allows the buyer to review the operations, and inspects the books and records of the business, to verify its financial performance, and to see if the information provided by the seller is accurate. Upon the conclusion of the Due Diligence
, the elimination of any purchase contingencies and the satisfaction of the buyer, the purchase agreement becomes binding and a closing date is confirmed. I will guide you throughout this important phase.
Assist In Closing
We prepare all the closing documents and provide them to the necessary parties to ensure a smooth and timely closing.
You will find being a new business owner to be exciting and challenging ... yet very rewarding, as you create new possibilities for your future.
Call Or Email Me Today
If you are thinking about selling your business, or just have some questions, call me today at 267-318-6526, I look forward to speaking with you, Alan Rind