The following ten steps help buyers to work through the process of acquiring a business:

  1. Take the time to define your criteria so that you don't waste time in your search.
  2. Prepare a personal financial statement which will be required by some brokers.
  3. Find a broker to work with who can educate you on the process and help you get information.
  4. Search websites for listings and contact potential companies who are not currently for sale. Some of the best websites to identify businesses already for sale are listed here:
  5. Be willing to sign non disclosure agreements, which is a standard practice to get more information.
  6. Review the offering document provided by the seller.
  7. Meet with the seller so you can get answers to any questions you may have about the business.
  8. Submit an Offer to Purchase along with an earnest money deposit. A sample Offer to Purchase can be obtained by contacting the BernardBenjamin.com
  9. Conduct due diligence. This is where you verify that the business is healthy and that there are no "red flags" about the company. You will also need to complete any 3rd party financing arrangements.
  10. Fund the escrow account with your down payment and sign all documents. The escrow agent will pay the seller the proceeds due at closing and transfer ownership of the company.

     

Non Disclosure Agreement

In order to protect the confidential information of our clients, we require all potential buyers to complete a non disclosure agreement and a buyer profile before they receive a detailed overview on a company. 

Bernard Benjamin Associates