How to Buy a Business

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How to Buy a Business Strategy


Let us guide you through the nuances of purchasing a business.

1. FIRM AGREEMENT:
Your firm agreement to purchase a business that is reflective of the marketplace regarding price and terms.
2. DISCLOSURE:
You must sign a confidentiality agreement agreeing not to disclose any of the business information that we will be giving you.
3. PERSONAL INFORMATION:
Anything that you can tell us about yourself will be helpful in finding a good match between buyer and seller.
4. POSSIBILITIES DISCUSION:
One of our salespeople will try to go over a list of things you may be interested in.
5. GO SEE:
You will be shown different businesses and there will be a discussion of all the critical factors of each.
6. INTRODUCTION:
We will arrange a one to one meeting with the seller so that you may ask pertinent questions regarding the business.
7. CONTINGENT, NON-BINDING OFFER:
We will write for you this offer. You will pay "earnest money" at this time. This will show your sincerity to the seller.
8. BUSINESS HISTORY:
We will present to the seller at this time your background. This will encourage the seller to make a positive decision on your offer.
9. CLEARING UP:
At this time we will make sure that the seller understands the terms and any conditions in the offer.
10. AGREEMENT:
The seller accepts your offer or comes back with a counter offer for you.
11. MUTUAL AGREEMENT:
You have this when both seller and buyer agree to all terms and conditions of the sale.
12. CAREFUL EXAMINATION:
Both the seller and the buyer meet at the place of business that is being sold. All questions you may have should be asked at this time.
13. CONTINGENCY REMOVAL:
Very Important. This is the time when the buyer removes any contingency in the agreement and has a binding agreement now.
14. LEASE ASSIGNABILITY:
We will help with this by working with the landlord to get an assignment of the lease with favorable terms for you.
15. ESCROW AGREEMENT:
It is our responsibility to get all the required documents to the attornies involved so that they can establish a closing date.
16. LIEN SEARCH:
This is generally done by attornies. Most states require this. They will look for any liens by secured creditors. This protects you.
17. INVENTORY:
We will make the necessary arrangements so that a careful inventory can be made. The count and price is important for both seller and buyer.
18. CLOSING:
Buyer and seller meet with their attornies and sign documents. We will be there.
19. CUSTOMARY TRAINING:
To make sure that you have a clear transition it is usual for the seller to help the buyer for a period after the closing date. The length of time will depend on many things. Size and complexity of the business are considered.

CALL US NOW! 561-706-4778







New York N.Y.

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