Buying a Business
The Florida Business Brokers’ Buying Process:
8 Steps to Business Ownership
Step 1: Be Committed to Buying a Business
Deciding to buy a business means you have decided to take charge of your own financial future. Becoming a business owner is the best way to build wealth and be in charge of your destiny.
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Step 2: Consultation
All business buyers should meet face-to-face with their Florida Business Brokers representative, but if that isn’t possible communication by phone or email is the next best thing.
We start by gathering some details about you in order to establish your financial position, your skills and experience as well as your goals for you and your family. These details are kept completely confidential and helps us determine the most suitable businesses. Once this process is complete, we start search searching businesses with our arsenal of resources.
Step 3: Business Buyer Education
The best way for you to make comfortable decisions is to first understand everything that goes into buying a business. We explain the process, step-by-step and help you understand the marketplace in its current state. We show you how to access online forms, how to search the web for available businesses, how to read business listing Information sheets, how to understand the basic concepts of valuation and show you how to recognize other available opportunities.
Step 4: Business Search
Now that you know where to begin your search, the hard work begins. Don’t worry, we will help you in the search for your business, assist you when signing confidentiality disclosure documents, get you details on the businesses that interest you and set appointments with the sellers to visit the businesses. We refine your search and visit potential businesses until you decide which one you want to purchase. This process should not take more than a few months.
Step 5: Make an Offer to Buy a Business
We share our deal structure and expertise with you, by assisting you with a draft for a contingent offer on a business that you want to purchase. We present a purchase agreement to the seller with a good-faith deposit which is held in escrow. The deposit shows that you are a seriousness potential buyer. After negotiations are complete, you should have an executed, contingent purchase agreement to buy the business you chose.
Step 6: Due Diligence
The due diligence period is where you are free to inspect the business for accuracy of the owner’s representations. We help coordinate your legal and financial professionals for contingency satisfaction. If you applied for financing, your application must be approved by the lender, proving that you are able to repay the loan.
Step 7: Transitional Training
The buyer usually receives transitional training from the seller that may include meetings with various employees and clients, technical education, computer information updating, and transfer of any other essential information. We are available to assist you with any questions you have before closing.
Step 8: Business Closing
We assist in the final preparations for transfer of lease assignments, utilities and merchant accounts. We can also help you verify inventory accuracy and other last-minute details so you can have as seamless a transfer as possible.
You will have many questions during the business buying process. We are here to explain any step of this process in detail. Florida Business Brokers help you have a smooth purchasing process so you can own your own business.
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