Business Buying Process / Denver, CO
Eight Steps to Successful Business Ownership.
Decide What Kind Of Business You Want To Buy.
You have made the decision to control your financial future by purchasing a business. Owning a business is the greatest way to build wealth and take charge of your own destiny. Now the process begins to help find and acquire the right business for you.
Evaluate Your Capabilities.
It’s best for us to meet in person, however, if that is not possible due to distance, continuous communication by phone or email can be effective. We begin our process by gathering detailed information about you to establish your financial capabilities, your skills and experiences, and your personal life goals.
This information helps us gain your commitment to the process and determine the best types of business to pursue. Once this is completed, we will start your search using our considerable market basket of resources.
Learn About The Business Buying Process.
You won’t feel comfortable making a decision until you understand what it takes to buy a business. I will fully explain the process and help you understand the realities of the current marketplace. You will learn how to use online forms, to search the Internet for businesses, to read Business Listing Information sheets, and see our seller videos to fully understand basic business valuation concepts and to review available opportunities
Search For The Right Business.
Now the hard work begins. I will help you search for your business, aid you in signing confidentiality disclosures, get you detailed information on the business, and set up showings with the seller. We will refine your business search and visit opportunities until you decide on a business to purchase. If your search takes longer than a few months, you may need to return to the education step.
Make a Serious Offer On Your Chosen Business.
I will share with you my expertise in deal structure, by helping you draft a contingent offer on a business that you would like to buy. A purchase and sale agreement will be presented to the seller with a deposit of good faith held in escrow to demonstrate your seriousness. After any negotiations, you should be left with an executed contingent purchase agreement to buy a business.
Legal Representation & Due Diligence.
This period is where you fully inspect the owner’s representations are accurate. I will coordinate the efforts of your legal and accounting professionals and strive to satisfy all contingencies. If there is financing involved your application must be approved by the lender, proving that you are qualified for repayment of the loan.
Closing a Business Ownership Transfer.
Final preparations will be made for lease assignments, utility transfers, financing, merchant service accounts, inventory counts and any other last minute preparations to make the transfer as seamless as possible. Your acquisition will usually be completed by an attorney with the signing of several documents and the payment of the balance of the purchase price.
Transitional training by the seller may include meetings with employees and clients, technical education, computer updating, and other essential knowledge transfer. I will be available to assist you with any questions or post-closing requirements you may have. Remember what you have learned throughout this process because when the time comes, I will still be here to help you sell your business.
Many additional questions may arise during the buying process. Please do not hesitate to have me explain in detail any portion of this process. You will discover that, with my expertise and assistance, you can have a successful experience in buying and owning your own company.