At our first meeting we will clarify your goals,
interests, income requirements, investment level, and time frame for getting
into business. We will explore businesses that meet your criteria.
At our first meeting we will clarify your goals,
interests, income requirements, investment level, and time frame for getting
into business. We will explore businesses that meet your criteria.
You will review the information on the company or
companies for sale. Check out their websites. Make a list of unanswered
questions. Try to picture yourself growing this business.
You and a Sunbelt agent discuss and review various types
of businesses and select some that appeal to you.
If there is genuine interest in the company, you need to
sit down face-to-face with the seller. A meeting will be arranged for you, the
seller and the agent. This is typically held at the agent's office, or after
hours at the seller's place of business. This is the time to ask general
questions on anything and everything (but not the time to begin negotiations on
price and terms!).
It is now time to review the information you've received
in greater detail. You may want to do your own projections of earnings for the
next three years based on the history of the company and your anticipated
improvements. You may choose to do some research into the general industry if
you are unfamiliar with it. Make a list of all the changes you would make if it
were your business.
Your agent will assist you in preparing a written offer.
The offer will include contingencies which will allow you to confirm the
information you've received and to validate assumptions you've made. Three of
the most common contingencies are a contingency upon approval of financials, a
contingency upon assignment or transfer of the lease, and a contingency upon
obtaining financing.
Your offer may often receive a counter offer. This
document may go from seller to buyer (and vice versa) several times until a
price is agreed upon.
This is the time to look closely at the accounting records
of the company, and to inspect the facility, equipment and inventory to insure
that your assumptions are valid.
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Documents Prepared For
Closing |
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You will receive a checklist from your agent that lists
what to do to prepare for closing.
Close the purchase and begin your first day as the owner
of your very own business. The seller will be available to assist in the
transition of the business. Now you and your family are part of the American
dream - you own your own business!
