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VR Corporate

Office Info

CHICAGO/OAK BROOK, IL

2021 Midwest Rd. #200 Oak Brook, IL 60523 Phone: (630) 705-3055 Fax: (630) 491-1592 Email This Office

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The Buying Process

Contact VR Business Brokers (630) 705-3055

Here are the typical steps in purchasing a business.

Qualification/Disclosure: Pending buyer qualification, an agreement is signed promising to maintain confidentiality for all the information provided on the businesses discussed.

Review: Perhaps you contacted VR about a specific business. If so, then you will be presented with the information pertinent to that business. Most buyers who contact VR do not contact us about a specific business. Rather, they have made the decision to become a business owner and are looking for some guidance on possible candidates and the process altogether. If you are this type of buyer, we will discuss and review some of the businesses in our portfolio that might be good fits for you. If none are a good fit, we can begin searching for businesses for you.

Introduction: We introduce you to the businesses you are interested in and discuss the important factors of each.

Meeting: One or several meetings between you, the seller, and VR usually will occur. This gives you the chance to get more detailed information about the business, learn potential ways to grow the business, and generally “kick the tires”. At the same time, the seller will use these opportunities to get a better feel for you. Funny as it may sound, most business owners have grown their businesses from nothing into something and they want to be assured that the next owner will be a good fit for the business.

Offer To Purchase: The buyer or buyer’s attorney prepares letter of intent (LOI) for the business. This contains the offer price as well as other terms of the sale such as the length of owner training you’d like and the level of owner financing you’re asking for. This LOI becomes the instrument for negotiation.

Present Offer: We present your offer to the seller and either it is accepted, countered, or denied.

Mutual Acceptance: When buyer and seller agree to all terms and conditions of the sale, the offer becomes a Purchase and Sale Agreement. Upon acceptance at some point, earnest money may be required to demonstrate the seriousness to the seller. Offers are contingent upon your inspection of the books and records of the business, landlord approve (if required), bank financing approval (if required), or franchise approval (if required). The offer is not binding until all of the contingencies have been removed.

Due Diligence: Due diligence is limited to 10 business days. During this period, the buyer verifies what has been previously stated about the business. It is also during this time that the buyer contacts the landlord to get an assignment of the current lease or a new lease. Prior to the start of due diligence, the buyer prepares a list of the information that he or she wants to review and the seller and broker set off to gather all of that information. Once it has been obtained, the due diligence period begins and the buyer begins the review process.

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).

Transfer Of Ownership: All parties meet to sign documents.
  • (630) 705-3055
  • 2021 Midwest Rd. #200 Oak Brook, IL 60523

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