Commitment: Commitment to purchase a business at the price and terms consistent with the marketplace that meets with your needs and abilities.
Disclosure: Sign an agreement promising to maintain confidentiality for all information provided regarding the businesses discussed.
Background Information: Provide VR information, such as a resume and financial statement. The more we know about you, the more likely we can find a business you will like. The more information we provide the seller, the better the terms he will consider.
Review: Together we discuss and review various types of businesses and select the companies that appeal to you.
Introduction: We introduce you to the businesses you are interested in and discuss the important factors of each.
Meeting: A meeting between you, the seller and us may take place. This gives you the chance to ask any questions you may have about how the business operates and to describe your qualifications to the seller.
Offer to Purchase: With our assistance, an offer or letter of intent is prepared for the business you are interested in.
Earnest money may be required to demonstrate the 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: We present your offer to the seller.
Background: The seller receives your background information, 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.
Explanation: We carefully explain the terms and conditions of the offer to the seller and decision makers.
Acceptance: The seller accepts the offer to purchase as presented or counter offers.
Mutual Acceptance: When buyer and seller agree to all terms and conditions of the sale, the offer becomes a Purchase and Sale Agreement.
Due Diligence: You meet with the seller to examine the financial records. Any questions you have are resolved at this time.
Lease Assignment: We will work with the landlord to get an assignment of the current lease or new lease for you.
Open Escrow/Closing Attorney: We provide all documents to the transferring agent or attorneys so they can prepare the closing documents. They make arrangements to assign any notes or equipment leases.
Inventory: Arrangements are made for you and the seller to count and price the inventory (if required). They make arrangements to assign any notes or equipment leases.
Transfer of Ownership: All parties meet to sign documents.