Commitment: Your commitment to purchase a business at price and terms consistent with the marketplace that matches your needs and abilities.
Disclosure: You sign an agreement promising to maintain confidentiality for all of the information provided to you on the businesses we discuss.
Background Information: You provide us with information about yourself, 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 various types of businesses and select some that appeal to you.
Introduction: We introduce you to the businesses you are interested in and discuss the important factors of each.
Background: We provide the seller with information regarding your background, financial wherewithal and professional experience. 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.
Meeting: A meeting between you, the seller and your VR Business Intermediary may take place. This gives you the opportunity to ask questions you may have about how the business operates and to describe your qualifications to the seller.
Offer to Purchase: You write, with our assistance, an offer to purchase on the business you like. A refundable earnest money deposit will be required to demonstrate your seriousness to the seller.
Removal of Contingencies: All offers contain contingencies that must be addressed and removed before the contract is binding. Typical contingencies include your inspection of the books and records, assumption of the lease, and attainment of proper financing.
Acceptance: The seller accepts the offer to purchase as presented or writes a counter offer.
Mutual Acceptance: When the 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. We work with the landlord to get an assignment of the current lease or a 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).
Transfer of Ownership: All parties meet to sign the documents.