THE STEPS TO BUYING A BUSINESS

Step 1 Is to meet with us for an initial opportunity assessment. The goal of the initial meeting is to get to know each other and find out more about you and your needs, so we can develop a buyer's profile. This meeting will involve a review of your background and resources, your interests, goals, and expectations.

Step 2 Once we have a better understanding of you and your needs we will then discuss potential business opportunities (in general) that may fit your profile based on the preliminary assessment.

Step 3 You may then want to receive detailed information on specific businesses that we represent. To protect the confidentiality of the seller you should be prepared to sign a confidentiality agreement stating that you will keep the information presented confidential. Once that is signed you will be shown the information we have on the listing and answer any questions you may have at that time.

Step 4 Once you have had time to review the detailed business information, and you feel you wish to move forward, we can then schedule a tour of the business that includes a face-to-face meeting with the seller. We have found that face-to-face meetings between buyer and seller facilitated by us are the best way to exchange information about the business.

Step 5 If you decide the business is a good fit, we can set up a time to meet to write up an offer to purchase. We have years of experience in helping buyers buy businesses and will draw on this experience to help in the offering process. All contingencies you desire will be incorporated into the offer. If you wish, you can have your offer reviewed by your advisors prior to delivery to the seller for consideration. You can even have them draft the offer for you if you like. We always encourage the use of professional legal and accounting advisors.

Step 6 We then will present your offer and help negotiate the price and terms with the seller. It is not unusual for the first offer to be countered by the seller. The process is similar to buying a house in the way negotiations can go back and forth between buyer and seller a few times before agreeing on the final terms. At the end of the day our goal is a Win/Win conclusion to the price and terms negotiations.

Step 7 Once the agreement is accepted by both parties, there will be a period of time that you will be allowed to take a very close look at the business to validate that all representations made by the seller are correct. The process is referred to as Due Diligence.

Step 8 This is also the time that financing arrangements (if needed) will be made. In most cases we help you with this critical process. We will sit down with you and develop a banking information packet. Then we will contact a large group of preferred lenders that we have worked with on business loans in the past for consideration of the opportunity. We normally receive favorable responses from multiple banks for you to choose from.

Step 9 We also will help walk you through other Due Diligence steps that should be taken, including reviewing the creditor status, and searching for unsatisfied liens on the business or seller.

Step 10 As the date of closing approaches, the legal documents to transfer ownership will need to be prepared. If you do not already have an established relationship, we can refer you to a list of attorneys to consider that are very familiar with business transactions. Using a seasoned attorney that we have worked with before has proven to save buyers thousands of dollars in legal fees.

Step 11 The time to complete the transaction varies from situation to situation. In typical transactions the process takes 45 to 60 days.

Step 12 Finally, your hard work and perseverance pays off. Closing day is here. The closing meeting usually involves both the buyer, seller, and their representatives along with the bank and/or title company. The closing location varies based on the transaction.

Step 13 You are now the proud owner of your own business! A transition period of the business begins with you working directly with the former owner(s) to help you successfully take on the task of running your new business.