The process of buying or selling a business requires a thorough due diligence of all key elements of the business. The following are the steps to buy a business that we guide you through with our buyer assistant program to facilitate your business acquisition.
BUSINESS ACQUISITION PROCESS
We work together to determine your business acquisition criteria based on many factors that include a minimum of the following:
- geography,
- cash-flow,
- lifestyle attributes,
- family requirements,
- price and terms,
- industry,
- strengths and experience,
- potential and upside for growth,
- risk levels,
- affordability
BUSINESS OPPORTUNITY TARGETING
We target business opportunities on the open market based upon the criteria you provided. This includes both opportunities posted on general business listing sites, but more importantly business opportunities not advertised using direct marketing methods. We have fostered a strong network of CPAs, business lawyers, and wealth managers over the past 30 years that provide us with business opportunities that are strictly word of mouth. We give you the inside track on these confidential business sales that many times are your best opportunities.
PROFESSIONAL SERVICES
You provide us with background information and our financial statement with source of funds for a purchase. As needed we will provide a list of Attorneys, Accountants, Wealth Managers as well as Banking & Lending coordination. When we approach business owners, a lending pre-qualification letter will increase our credibility.
NON-DISCLOSURE
We sign an agreement to maintain absolute confidentiality concerning information provided to you on any businesses opportunity we pursue.
PRESENTATION & ANALYSIS
We gather the cursory due diligence information on the company and coordinate your request for additional decision making materials. Together we analyze the opportunity, the risks, potential rewards and perform a valuation of the company.
OFFER TO PURCHASE
We assist you in preparing an offer to purchase using a Letter of Intent or Earnest Money document, This offer is contingent upon your detailed inspection of the business and other contingencies, and is not binding until all contingencies are removed. We present your offer to the Business Seller providing the Seller with background information about you, your previous experience, and your point of view on how you arrived at the offering price, terms, and conditions.
OFFER RESPONSE
The Business Seller accepts the offer as written, or writes a counter offer.
MUTUAL ACCEPTANCE
When both parties agree to all the terms and conditions of the sale and sign all amendments and counter-offers, it then becomes a Purchase Agreement. We develop a plan with detailed steps for closing the deal.
OPEN ESCROW
An Escrow account is established. We provide the Escrow attorney with copies of the offer to Purchase Agreement and any other necessary documents.
INSPECTION OF FINANCIALS AND BUSINESS OPERATIONS
You can now conduct a detailed inspection of Business Seller’s financial records and business operations to verify the offering elements of the business.
CONTINGENCY REMOVAL
As your requirements are met, you remove the existing contingencies in the Purchase Agreement. It is now a binding agreement. A date is set for signing of the closing documents at the Escrow Attorney’s office.
INVENTORY
Arrangements are made for you and the Business Seller to take inventory if it applies to the ownership of the business.
CLOSING
All parties meet at the Escrow office to sign all closing documents.
DINNER CELEBRATION
We discuss the growth of your new company through acquisition. We buy the dinner.
ACQUISITION PROCESS DOCUMENTS
Call 206-226-4311 to receive our FREE Buyer Acquisition Process Report.