Once you make the decision to buy a business, you then need a team targeted to find you what you ACTUALLY want. There are all sorts of businesses out there, but you will have specific criteria and budget and that is where we match your wants to what is available in the market.
From now on we will be your partner every step along the road:….
We like to qualify with you from the start the exact things you want in a business and where you will accept variables to your chosen criteria.
We ask you for relevant information, background information on your experience and such to ensure a business will be suitable.
We need from you confirmation of what you can afford . You may actually be able to buy a bigger or more substantial business than you first thought as most of the time we encourage "Owner Financing” to assist you the buyer. This also gives you reassurance the business is sound if the seller will leave some funds to be collected over time, it means they are confident in the entity they are selling - very reassuring for sure!
Generally, the process for buying involves-
- INITIAL FREE CONSULTATION
Select a reputable business broker to identify your target business and handle the transaction professionally, we hope it will be us!
- TARGETTING A BUSINESS
We evaluate what you require, what you can afford and explain the full procedure to you from start to finish, then we start searching till we find you the RIGHT BUSINESS!
- OFFER
Once you settle on a business, we make a contingent offer for you at your chosen offer price. The reason this is contingent is to protect you in case certain aspects of the purchase/sale cannot be agreed upon or satisfied. A good faith deposit will be required from you to be held in escrow.
- DUE DILIGENCE PERIOD
An agreed period will be granted for due diligence. This is where you engage accountants/attorneys to review the business records to ensure they reflect accurately your understanding and that what you are buying is WHAT YOU ACTUALLY THOUGHT YOU WERE BUYING!. This is the acid test and certainly gives you comfort or otherwise about the deal.
- FINANCING
We assist you in securing financing either from a lender or by way of loan note from the seller. There are several ways to finance your business , it just needs to be the right one for you.
- CLOSING
We assist in ensuring all the necessary papers and documents are prepared accurately and timely. We also liaise with the accountants/attorneys who are party to the transaction and will be in attendance to execute the final sale.
- BUSINESS HAND OVER
We aid with the introduction of you as new owners to employees and help provide advice on you gaining your feet in your new business and managing the exit of the seller. A training period from seller to buyer is usual and necessary to familiarize yourself with the new entity.
We want you to be a client for the future as well as the past so we will then be there for any further questions and queries you may have from time to time. |
