By purchasing a business you are taking responsibility for your financial future. Having your own business is the best way to build wealth and control your own destiny. You have selected the best in the field by contacting The Company Seller! From this point on, we will assist you in finding and acquiring the right business for your needs.
I encourage all buyers to meet us in person, however, if distance makes this impossible, continuous communication by phone, Zoom, or email can be effective. In the course of our process, we will collect detailed information about you in order to determine your financial capabilities, your skills and experiences, and your personal life goals. Having this information allows us to gain your commitment to the process and determine the best types of business to pursue. As soon as this is completed, we will begin your search utilizing my extensive market basket of resources.
This is where the real work begins. You can rely on us to assist you in finding your business, prepare confidentiality agreements, get you detailed information on the business, and schedule showings with the seller. Throughout your business search and business visit, we will refine your choices until you decide on a business to buy. You may need to return to the education step if your search takes longer than a few months.
Our team will assist you in drafting a contingent offer for a business you wish to acquire by sharing with you our expertise in deal structure. We will present to the seller a purchase and sale agreement with a deposit of good faith held in escrow to demonstrate our seriousness. The result of any negotiations should be a contingent purchase agreement for the purchase of a business.
During this period, you should thoroughly examine the owner’s representations. The legal and accounting professionals of your firm will be coordinated and all contingencies will be addressed. You must have your application approved by the lender if there is financing involved, proving that you qualify for repayment of the loan.
In addition to the lease assignment and utility transfer, financing arrangements will be organized, merchant service accounts will be established, inventory counts will be performed and any other last minute preparations will be completed to make the transfer as seamless as possible. Typically, your transaction will be completed by an attorney with the signing of several documents and the payment of the balance of the purchase price.
As part of the transitional training by the seller, the seller may conduct meetings with employees and clients, provide technical training, update computers, and carry out other essential knowledge transfers. Any questions or post-closing requirements that you may have will be taken care of by us. Please remember what you have learned throughout this process since I will still be available to assist you when it is time to sell your business.