Quick Guide on Buying a Small Business
You will be surprised by the sheer number of business owners who say, ‘I want to sell my business Escondido’. There is virtually any type of business that you want. All that is needed is for you to hire a good business broker. At So-Cal Business Brokers, we have the best team of business brokers in the country. Furthermore, we have developed these guidelines to help you understand how a business purchase works.
Finding a business owner who wants to sell my business Escondido urgently is not enough. Regardless of how discounted the business is, you will most likely have to get financing. This is why the first thing we recommend is for you to review your finances. We will help you know the financial statements you need to have and give you advice to help get prequalified easily. We will also give insight into the amount of cash flow that you will need in the future.
Our team will ask a number of questions to help understand the type of business you are looking for. You need to be very honest. It is the information we gather that helps us match you with the business that suits your goals and preferences. The business search starts after this step. In the search, our business brokers in San Diego will consider the businesses on our website, on business listing sites and also liaise with other industry professionals.
Inquiry and screening
After identifying a good opportunity, we will help you with the inquiries into the business. In this step, you will need to sign a non-disclosure agreement (NDA) and also consider your financial capabilities keenly. We will provide you with valuable support when it comes to financing.
First meeting and company review
If you are still interested in the business, we will arrange for the meet up with the seller. Our team will facilitate the discussions with the seller. In the first meeting, you don’t have to be present. Our business brokers will handle everything. You can come in in the second meeting.
Letter of intent
This is where the real action is taken. A letter of intent outlines the future deal structure which includes the key terms such as buying price, length of due diligence and transaction timeline. Our job at this point is to ensure all the terms are well worded.
The real worth of our services is seen here. We will dig up any dirt. Our team is through and will leave no stone unturned.
This step involves tasks that we facilitate. They include such tasks as the transfer of leases, setting up the new business entity, licensing transfer, securing financing, assignment of the contract and more.
This step includes the signing of the bill of sale, lease transfer, and a range of other documents. We will help with the final payment which has to be distributed by the transactional attorney.
What type of business do you want to buy? We can help smooth the process. Give us a call today to learn more about our superior services.