Buying a Business: Our Process
The process by which to purchase a business can be complicated and has some element of risk associated with it. You want to buy a business that will provide you with a good income and will meet your lifestyle requirements. You want to buy a business that fits who you are as an individual and one that will utilize your unique talents and experience. Your business should be the vehicle that helps you reach your personal goals, dreams and aspirations.
Since we are business coaches, we regularly work with business owners helping them to make more, work less and loving the work that they do. Knowing what it takes to be happy in business is key to making the right buying decision. Below are some of the steps in the buying process:
Steps in the Buying Process
1. Meet with an Empire Business Broker to explore business ownership considerations.
2. Assess your skills, competencies, desires and income requirements with regard to owning a business.
3. After signing a confidentiality agreement, review business for sale listings.
4. Determine the amount of money you are willing and able to invest.
5. Explore the types of business that are aligned with your skills, competencies and desires.
6. Research and evaluate businesses that are for sale.
7. Tour the businesses you are interested in with your Empire Business Broker. Think about and discuss improvements or changes that you would like to make.
8. Through your Empire Business Broker, place a bid on the business or businesses in which you are interested.
9. Engage in negotiations with the seller through your Empire Business Broker.
10. Once an agreement has been reached, your Empire Business Broker will guide you through the various steps of finalizing a sale.
11. Perform due diligence on the business; examining records and financial statements.
12. Transfer of ownership.
13. Congratulations, boss! You now own your own business!
Business Acquistion Search Engagement
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