Basic Steps to Buy a Business
Understand the basics of the business:
Review the package of business information, analyze with your agent the strengths, weaknesses, opportunities and competition relating to the business. The next step is to view the business and meet the seller.
Define issues that could prevent a purchase:
Listed price and accuracy of information financing requirements, prepare a conditional offer that is not binding until all your conditions are resolved.
Present your offer:
The negotiation skills of your agent will, in many cases, could determine a successful outcome.
Conduct your due diligence:
Once a basic price, terms and conditions are agreed upon, it is time to confirm the information given to you and address the conditions in your offer along with the advice of your agent, this would be the time to involve your accountant and lawyer if you are unable to validate any information or if certain conditions cannot be met, the deal can be legally terminated.