The biggest business decision to make is to buy a business you will ever make. Being an entrepreneurship is a journey. It requires several steps to go through the journey and the journey doesn’t stops when you buy a business.
Steps to Buy a Business
- Take Charge
- Due Diligence
- Post Closing
Take Charge to Buy a Business
You have made the decision to control your financial future by purchasing a business. Owning a business is the greatest way to build wealth and take charge of your own destiny. Now the process begins to help find and acquire the right business for you.
We begin our process by gathering detailed information about you to establish your financial capabilities, your skills and experiences, and your personal life goals. This information helps us gain your commitment to the process and determine the best types of business to pursue.
You won’t feel comfortable making a decision until you understand what it takes to buy a business. We will explain the process and help you understand the realities of the current marketplace. You will learn how to use online forms, to search the Internet for businesses, to read Business Listing Information sheets, to understand basic valuation concepts, and to review our available opportunities.
Now the hard work begins.
- We will help you search for your business
- Aid you in signing confidentiality disclosures
- Get your detailed information on the business
- Set up showings with the seller
We will refine your business search and visit opportunities until you decide on a business to purchase.
We will share with you our expertise in deal structure, by helping you draft a contingent offer on a business that you would like to buy. A purchase and sale agreement will be presented to the seller with a deposit of good faith held in escrow to demonstrate your seriousness. After any negotiations, you should be left with an executed contingent purchase agreement to buy a business.
This period is where you fully inspect the owner’s representations are accurate. We will coordinate the efforts of your legal and accounting professionals and strive to satisfy all contingencies. Furthermore, if there is an involvement of any financing in your application then it must be approved by the lender, proving that you are qualified for repayment of the loan.
The final preparations will be made for lease assignments, utility transfers, financing, merchant service accounts, inventory counts and any other last minute preparations to make the transfer as seamless as possible. Your acquisition will usually be complete by an attorney with the signing of several documents and the payment of the balance of the purchase price.
Transitional training by the seller may include meetings with employees and clients, technical education, computer updating, and other essential knowledge transfer. We will be available to assist you with any questions or post closing requirements you may have.
There will be additional questions arise during the buying process. Please, do not hesitate to have us explain in detail any portion of this process. You will discover that, with Chaynuk.com’s assistance, you can have a successful experience purchasing and owning your own business.