The Buying Process

The Buying Process

Here’s are the steps you can expect to take once you’ve decided to embark on buying a business:

  • Choose a business broker.
  • Provide the broker information on your background, reasons for buying, income requirements, availability of funds for down payment and working capital, and your goals and interests.
  • Review opportunities that appear to meet your criteria and interests.
  • Tour the business to test for “fit.”
  • Determine what improvements you can make.
  • Expect to hear negative stories from both professional advisors and friends. Listen to their advice but realize you know more about the situation than they do. The decision is yours alone.
  • Work with your broker to structure an offer.
  • Authorize your broker to submit an offer; wait for the seller to accept, reject or counter.
  • Review financial information and remove contingencies.
  • Close the transaction.
  • Run your new business the way you want to. It’s yours!