- Commitment Select a competent Business Broker to assist you in the purchase of a business suitable for your lifestyle. Broker should be in good standing and a member of the Business Brokers of Florida (BBF). BBF members sell their listings as well as other Brokers listings.
- Confidentiality Agreement (NDA) Non-Disclosure Agreement. A prospective buyer must sign the confidential agreement prior to receiving business location and proprietary information.
- Buyer Information Profile To be completed from buyer with disclosure of their financial and business qualifications.
- Business Search Many sites made available for prospective buyers to search for opportunities including the Ocala Business Broker’s own website, which links to BBF listings throughout the state of Florida.
- Buyer, Seller and Broker Meeting Face to face or conference call with all parties. This provides buyer and seller an opportunity to share information. .
- Offer to Purchase Broker will prepare a purchase contract agreement signed by the prospective buyer that will be presented to seller by the listing broker. Offer may be rejected, countered or accepted.
- Good Faith Deposit Once there is an accepted offer, an Ernest deposit from buyer is required. The deposit goes into a trust account and is fully refundable until contingencies have been terminated or satisfied. If satisfied, deposit will be credited towards purchase price.
- Due Diligence Time period buyer has for accountant or themselves to review financial records and further investigate the business opportunity
- Lease If applicable broker and seller will assist. Buyer must be able to obtain a satisfactory” lease agreement, to continue with the purchase.
- Closing Preparation Buyer will form new corporation, apply for FEIN (federal employer identification) number), sales tax number, if applicable. Buyer must open a business checking account, credit card merchant account and obtain all licenses required to legally operate business. Utility company deposits typically require a health, fire and building inspection prior to closing.
- Closing Attorney Typically a transaction attorney (not representing either party) will do a UCC lien and sales tax search, handle escrow money, prepare closing documents, non-compete agreement, bill of sale and conduct closing. .
- Inventory Prior to closing buyer and seller will mutually take inventory to determine value.
- Closing The date when all parties meet at closing attorney’s office for signing and notarizing documents, exchanging funds and seller handing over keys to new owner.
- Training Seller will typically give FREE training (after closing) and honor a non-compete.
- Transition After closing, Seller or qualified employee, will train Buyer at no cost for a specific time. We at Ocala Business Brokers will assist and recommend a new buyer to be plugged in with the community, join networking groups, and schedule a ribbon cutting with hopes they will have many years of SUCCESS!