Buying a Business – Our Process, 5 Easy Steps
Step 1 – Tell us What you are looking for
We have many listings and we are always aware of what’s in the pipeline. Talk to us, let us know what you are looking for and we will find it for you. The initial discussions are the most important one. Lets work together! You will be entered into our CRM and you will be contacted when a business that fits your needs be comes available. In the meantime, visit our listings tab to browse our inventory.
Step 2 – Finding the right selection
We will introduce you to a few businesses for sale based on your preferences. It is important for you to sign the Non-Disclosure agreement (NDA) for each business your are interested in. Once you have made a selection or decide on the business you want, we will introduce you to the seller and you will have an opportunity to to the business as well.
Step 3 – Begin to formulate an offer
After touring the business for sale, we always recommend doing more industry research on the business for sale. If you are interested in pursuing the opportunity further we begin to help you shape an offer to the Seller. It is important that you begin to arrange financing if need be or begin to gather your cash, if applicable, in the event your offer is accepted. Please discuss with us your financing needs as we have many vendors who assist our clients.
Step 4 – Enter into the Due Diligence Stage
Once your offer is accepted, the Due Diligence stage starts. In this stage, you will have the opportunity to review the financial books of the business and to start the legal process to transfer ownership. A variety of financial and legal due diligence items are addressed at this stage. If all contingencies are met and you are satisfied, we help you in signing an agreement and to agree on the final terms of the sale and closing. It is imperative that you enlist the help of professionals such as a Lawyer to handle the legal aspects and an accountant to validate all financial aspect of the business. These professionals will assist you in finalizing your decision to proceed to closing the deal. This is the stage where you make your final decisions and your deposit will be returned should you decide to not proceed.
Step 5 – Closing & Transfer of Ownership
You are now ready to take ownership once all the conditions outlined in the Due Diligence stages have been waived. This means that your accountant validated the books of the business and your lawyer worked with both the the seller and their lawyer to transfer ownership of the business, Congrats!, set a date and take the keys. Be sure to discuss training and transition periods before this step.