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DALLAS/LEGACY PARK, TX
1518 Legacy Drive
Suite 102
Frisco, TX 75034
Phone: (214) 387-9395
Fax: (214) 387-8980
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VR Business Brokers Dallas,Legacy Park, TX - How to Buy a Business
VR Business Sales|Mergers and Acquisitions
DALLAS/LEGACY PARK, TX

How to Buy a Business

 
 
  1. Commitment:
    You commit to buy a business that matches your needs and abilities at a price and with terms based on the market.
   Your VR Director
will always be there
when you meet with a Seller.
  1. Non-Disclosure:
    You sign a non-disclosure agreement promising to maintain confidentiality for all the information provided to you on the businesses we discuss.
  2. Background Information:
    You provide us with information about yourself, including a financial statement and a confidential buyer's profile.  The more we know about you, the more likely we can find a business that fits you. 

  3. Your Decision:
    If you are buying a business you have already identified, we move forward to #7.  If you are searching for a business, you and your VR Director will continue to the next step, #5.

  4. Review:
    We review all the various types of businesses and select some that fit your requirements.  We show you more information on businesses that fit your requirements. 

  5. Analysis:
    You and your VR Director discuss the relative merits of the businesses you have seen.  You decide which business interests you the most.

  6. Meeting:
    We schedule a meeting that includes you, your VR Director, and the Seller.  At the same time, we provide the Seller with information about you, including your  professional experience and financials.  This allows the you to confirm your interest in the business.  It also allows the Seller to learn more about the you. Your VR Director will always be with you when you meet a Seller. 

  7. Financing Options:
    We have numerous financial resources, including lenders who specialize in SBA and commercial business loans.  Your VR Director will help you and the Seller determine the best financial transaction that will lead to a successful closing.


  8. Offer to Purchase:
    With the help of your VR Director, you prepare an Offer for Purchase, including the terms and conditions based on the market, and put forth earnest money, which is held in escrow.

  9. Presentation of the Offer:
    Your VR Director presents the Seller with the Offer for Purchase.
  

  1. Negotiation:
    The Seller may accept your first offer.  Most of the time, the Seller will prepare a counter-offer, which you and your VR Director will review closely.  You may accept the counter-offer or you and your VR Director may respond with your own counter-offer.    Reviewing and answering offers and counter-offers may continue for some time.  Your VR Director will negotiate back and forth, using experience to bring the discussions to a successful conclusion.  When you and the Seller reach mutual agreement, the offer becomes a contingent purchase and sale agreement.

  2. Due Diligence:
    A contingent purchase and sale agreement (which was created in #11) is usually contingent on a number of items, including the completion of due diligence.  Next to negotiating, the due diligence phase is the most critical of the process.  With the help of your VR Director, you will want to inspect the business operations, and items such as all the financial records, licenses, and permits.

  3. Contingency Removal:
    When you are satisfied with the review of the business, the contingencies are removed from the contingent purchase and sale agreement (which was created in #11).  Once all contingencies are removed, the agreement becomes a binding offer for purchase and sale.

  4. Lease Assignment :
    We work with you and the landlord to obtain a lease. 

  5. Note Assumption:
    We work with you and lending institutions to transfer those obligations.

  6. Closing Documents:
    The closing documents, which can be voluminous and complex, are tailored to meet your needs and the situation.  When applicable, we will connect you with an inventory professional to handle the inventory process.  You may also want your legal and financial agents to be involved.

  7. The Successful Closing:
    When all the details are complete for a smooth transfer of possession, you and the Seller sign the final agreement, the funds are distributed, and the business is transferred.  Congratulations!  
    You own your own business!