There are several steps in the process of successfully buying a business. Since 2005, Starwood Business Group has helped hundreds of buyers achieve their goal of becoming their own boss and owning a business. Below is a brief list of the steps you can expect to take in your search for the right business. For more detailed information and a complimentary analysis of which business is right for you, call us and talk to a business broker today at 770.814.4466!
Commitment
Your commitment to purchase a business at price and terms consistent with the marketplace and that is consistent with your needs and abilities.
Confidentiality
You sign a non-disclosure agreement (NDA) promising to maintain confidentiality of all the information provided to you on the businesses we discuss.
Background Information
You provide us with information about yourself, such as a resume, financial statement, and what is driving you to become an entrepreneur. The more we know about you the more likely we can find a business you will like. Subsequently, the more information we provide the seller the better the terms he or she will consider.
Review/ Introduction
Together we discuss and review various types of businesses and select some that appeal to you. We introduce you to the businesses in which you are interested and discuss the important factors of each.
Confidential Meeting
The SBG broker we will schedule a confidential meeting between you, the seller. This gives you the chance to ask questions you may have about how the business operates and to describe your qualifications to the seller.
Offer to Purchase
You write, with our assistance, an offer to purchase for the business you like. Earnest money will be required to demonstrate your seriousness to the seller. Most offers are contingent upon your inspection of the books and records of the business. The offer is not binding until you remove all contingencies.
Present Offer / Background and Experience
We present your offer to the seller. We give to the seller your background, financial information, experience and point of view in arriving at the offering price, terms and conditions. Favorable background information about you will result in favorable consideration of your offer. We carefully explain the terms and conditions of the offer to the seller and decision makers.
Offer Acceptance
The seller accepts the offer to purchase as presented or submits a counteroffer.
Mutual Acceptance
When buyer and seller agree to all terms and conditions of the sale, the business is technically under contract and is taken off the market.
Financial Due Diligence
The seller will provide financial records for due diligence. Any questions you have are resolved at this time.
Contingency Removal
You remove all contingencies in the offer. It is now a binding agreement.
Lease Assignment
We work with the landlord to get an assignment of the current lease or new lease for you.
Closing Attorney
We provide all documents to the closing attorney so the closing documents can be prepared. Lien/title searches will be conducted and arrangements made to assign any notes or equipment leases.
Inventory/Equipment
Arrangements are made for you and the seller to count and price the inventory and/or examine the equipment (if applicable).
Transfer of Ownership/Successful Closing
All parties meet to sign documents.
Congratulations, you are now your own boss!
