Buying a business can be a complicated procedure, from finding the right one to working out all the details required for a smooth transfer of ownership.
While there is no such thing as the perfect business, a business broker knows the importance of finding one that fits your talents, skills, and financials. A business broker has different types of businesses for you to consider and the knowledge and experience to guide you through the entire process.
Below you will find some helpful information as you consider which business might be right for you.
Identifying your strengths and interests
The first step is to identify your strengths, interests and financial capabilities to buy a business. This will help you in determining what businesses for sale might be of interest. Next, you can view our Businesses for Sale to see which ones might be of interest. You can view them based on industry, price, location, keyword search, and more.
To view based on location please click on the state of interest: NY Companies for sale, NJ Businesses for Sale, Connecticut Businesses for sale., MA Businesses, PA Businesses for sale. Within each state and industry, you can sort based on price, keyword, and more.
When you have found a business you would like to get more information on, please click on the Non-Disclosure Agreement on the listing of interest and fill out for more information. It is important that the confidentiality of the sale of a business is protected.
If you are qualified financially to purchase a particular business that is available then we will send you more information on it for you to review.
Narrowing your search to a specific business
You can consider the business's strengths, weaknesses, and how your skills and interest would help you to improve and grow a particular business. If it seems like a good fit than the next step would be to speak with the broker that has the listing of interest and discuss the business and your background further to see if it's worthwhile to set up a meeting or phone conversation with the owner of the business.
We can put you in touch with a number of banks to make sure that you can qualify for a loan to buy a business of interest. In many cases, we supply the information to the bank on the business and you just need to fill out an application to determine what you personally can qualify for.
Making an Offer
After you understand your financing options and speak with the owner of the buisenss to get your questions answered its time to think about whether you want to make an offer for the business. A business broker can help you to draft a letter of intent which outlines the price and terms that you are proposing.
Once you sign the letter of intent the business owner will review it and see if it is acceptable or if they will make a counteroffer. If the offer is not in the ballpark sometimes the owner will decline the offer without making a counteroffer. If you are serious about the business, its best to make an offer that is reasonable for it to be considered.
If the terms of an offer letter are agreeable than both parties will sign it and the next phase is to move to due diligence. You will verify some more information about the business including financial information to determine whether to move to the next step which is to have an attorney negotiate a purchase and sale agreement.
When the attorneys finish negotiating its time to set a closing date and start to begin the next chapter in ownership of your new business. Not to worry, the seller typically helps the buyer to learn the business including their customers, employees, products, and services, etc.