Buyer’s Strategy

Decision to Buy must be decisive:
Once you have made the decision to buy a business, and have decided on the types of business you are comfortable with, and have your finances in place, we start the process of finding a suitable business for you.

Non-circumvent Non-disclosure Agreement:
You must sign a non-circumvent non-disclosure agreement agreeing not to disclose any of the business information that you are given by us and not to circumvent us.

Personal Information:
Any information you can provide about yourself, your background, your price range, your plans for the business (business which can be grown, or large cash flow, etc) will enable us to present you with suitable businesses

General Discussion:
One of our associates will have an in-depth discussions with you of your goals, types of businesses you may be interested in, your price range, your financial needs, etc.

Visiting Facilities:
You will be shown several businesses, with detailed discussions of all critical factors, including the pros and cons of each.

Introductions:
Arranging meetings with the seller is the next step. This enables you to ask pertinent questions of the business and also gets you to know the seller. It is very important that you are comfortable with the seller. If you buy his business you must feel comfortable with him training you. You must also be comfortable with the information you are being given by the seller.

Contingent Non-binding Offer or Letter of Intent:
The offer of what is being proposed will be prepared by us for you. It will be non-binding, however you will pay ‘earnest money’ which will be deposited in an escrow account. This shows a real interest in purchasing the business.

Your Business History:
We will present to the seller with your background, including proof of funds or ability to obtain financing. This helps the seller feel comfortable with you. This expedites the process.

Agreement:
The seller either accepts your offer or comes back with a counter offer. This process is usually very short. We know going in what both parties will accept. We work to get a mutual agreement on all the terms and conditions of the sale.

Lease Assignment:
We will negotiate with the landlord for lease terms acceptable to you

Completion of due diligence:
Once the buyer has completed his/her due diligence the final version of the contract is drawn up. The contract is drawn up by either the buyer’s or the seller’s attorney. Both attorneys review the contract and once the final reviews are completed both parties sign a binding agreement. The buyer should ensure that all issues have been thoroughly investigated.

Closing Date:
It is our responsibility to get all the required documents to the attorneys involved so that they can establish a closing date. It is the attorney’s responsibility to ensure that they have received all the pertinent documentation before establishing a closing date.

Lien and other searches:
These are the responsibility of the attorneys. Most states require this. They will look for any liens by secured creditors, etc. This is done for your protection.

Inventory:
The seller and buyer ensure that the inventory at the closing date are as agreed to in the contract. As the inventory is continually changing, agreements are made in the contract to ensure both buyer and seller are satisfied with the value at the closing date.

Closing:
Buyer and seller meet with their attorneys and sign documents. We will be there.

Customary Training:
In most cases to ensure that the transition is smooth, the seller is contractually bound to train you for a specified period of time after the closing.