Buying a Business

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15 Steps to buying a  business.

  1. Commitment Select a competent Business Broker to assist you in the purchase of a business suitable for your lifestyle. The 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.
  2. Confidentiality Agreement (NDA) Non-Disclosure Agreement. A prospective buyer must sign a confidentiality agreement prior to receiving the business location and proprietary information.
  3. Buyer Information Profile To be completed by the buyer along with disclosure of their financial and business qualifications.
  4. 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.
  5. Buyer, Seller and Broker Meeting Face to face or conference call with all parties. This provides the buyer and the seller an opportunity to share information.
  6. Offer to Purchase Broker will prepare a purchase contract agreement signed by the prospective buyer that will be presented to the seller by the listing broker. Offer may be rejected, countered or accepted.
  7. Good Faith Deposit Once there is an accepted offer, an Ernest deposit from the buyer is required. The deposit goes into a trust account and is fully refundable until contingencies have been terminated or satisfied. If satisfied, the deposit will be credited towards the purchase price.
  8. Due Diligence Time period buyer has for accountant or themselves to review financial records and further investigate the business opportunity
  9. Lease If applicable broker and seller will assist. The buyer must be able to obtain a satisfactory” lease agreement, to continue with the purchase.
  10. Closing Preparation The buyer will form a new corporation, apply for FEIN (federal employer identification) number), sales tax number, if applicable. The buyer must open a business checking account, credit card merchant account and obtain all licenses required to legally operate the business. Utility company deposits typically require a health, fire and building inspection prior to closing.
  11. 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.
  12. Inventory Prior to closing buyer and seller will mutually take inventory to determine value.
  13. 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 the new owner.
  14. Training Seller will typically give FREE training (after closing) and honor a non-compete.
  15. 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!