Buying A Business
Unless you have bought or sold a business in the past, you will find that buying a business can be a confusing and a complicated experience for the unprepared. That’s why it is important for you to have a basic understanding of the process. Even if you’re a veteran in business transfers, understanding the process will assist you in working with our firm.
After the search is refined to businesses that fit your criteria and requirements, Together, we review these businesses and select those that appeal to you.
All Buyers will be required to sign a Non-disclosure/Confidentiality Agreement before being given any information. Business sellers require buyers to be pre-qualified as to their finances and background.
We will meet with the seller to ask any and all questions you may have regarding the business.
Preparing the Offer
After meeting the business owner and touring the business, the next step is to present an offer of purchase for the business. Making the offer is not, however, the final step. In fact, it should be viewed as the first of several steps, each of which bring you and the Seller closer to completing the purchase.
You should understand that your offer is always contingent upon the Seller demonstrating the accuracy of their financial records and your completion of due diligence. Once you and the seller agree to all terms and conditions in the offer and execute the document it now becomes a contract, subject only to your satisfactory completion of due diligence.
You and your advisors will have a specified period of time to complete your due diligence and remove all contingencies. Any questions you have are resolved at this time. When due diligence is complete and the contingencies are removed, the contract becomes binding. Should the business fail to pass due diligence, you are free to rescind or amend your Offer To Purchase.
Prior to closing you will want to verify the value of the inventory and that it is current.
Closing and Transfer of Ownership
All closing documents are signed. You get the keys of the business and the seller receives his funds.