• | Educating the Buyers on the business acquisition process |
• | Reviewing Buyer Profile and providing guidance on suitability of different business opportunities |
• | SBA financing approval |
• | Helping use retirement funds if necessary. |
• | Representing the Buyer in the entire acquisition process |
• | Suggestions for Due Diligence and complete disclosure in the process |
• | Escrow Process to ensure money is handled in a professional way |
• | Smooth transition to the new Buyer |
• | Buyers will complete a confidentiality agreement and buyer profile. |
• | Broker will discuss the suitability of the business with the Buyer and then share the confidential business profile of the business with them. |
• | If Buyer finds the opportnity interesting then Broker will arrange a Buyer-Seller meeting at the Broker's Office to get questions answered. A visit to the business off-hours or during business hours as a CUSTOMER while maintaining strict confidentiality may also be arranged. |
• | If Buyer is ready to go forward then Broker will write up an offer. This offer will be contingent on (a) Due Diligence, (b) Lease Approval, (c) Financing Approval, (d) Franchise approval, if applicable. |
• | Buyer will conduct Due Diligence with the help of their CPA and Attorney. Broker will help with Lease negotiations, Financing Approval, and Franchise Approval. |
• | Upon successful completion of Due Diligence and removal of other contingency Escrow will be opened. |
• | Escrow will publish a Bulk Sale Notice that takes approximately 3 weeks. This is to ensure that Buyer receives the business free and clear of all liabilities except those that Buyer agrees to accept, e.g. assuming equipment or vehicle leases. |
• | Escrow closes at the conclusion of the Bulk Sale Notice and Buyer takes over the business. |
• | Seller will provide the agreed upon training and transitional help. |
• | This entire process is expected to take about six weeks. If a franchise is involved then depending on the franchise training schedule, it could take a little longer. |