WHAT YOU NEED TO KNOW
Buying a Business
Deciding to Buy: You have seen one of our listings on a website, or you have decided that you want to purchase a business but need more information. First, call our office for a discussion with our broker. If you decide that you are ready to get serious about a business purchase, then you will provide GAI with personal background information, including a personal financial statement and resume. This information will be maintained in strict confidence, while you preview various types of businesses, selecting from the fields that fit your experience, your interests, and your price criteria.
Narrowing Down Options: When you have narrowed your options to a particular business, you will sign a nondisclosure agreement and maintain the utmost confidentiality regarding any information GAI shares with you about the company. We will provide you with a Confidential Memorandum that will give details about the company including its history, operations, personnel, products, services, marketing, financial and other organizational information.
Ready to Move Forward? If you want to move forward, we will set up a meeting with you and the seller, usually at our office, so you may ask the seller specific questions about the business. A site visit will be scheduled usually after or before business hours to continue your analysis.
Letter of Intent: After your assessment of the business is complete and you are ready to make an offer, we will help you prepare a Letter of Intent. This agreement will state the terms and conditions of the sale as well as certain contingencies that you will require to be met before the sale can be closed. This agreement is likely negotiated between you and the seller before it is signed by both parties. Your offer is not binding until all the contingencies are addressed to your satisfaction and a Purchase Agreement is signed by the buyer and seller.
Finding the Right Financing: You are now on the way to closing, but first, we will help you find a lender and work with you through the financing process. We will support you and the seller in preparing financial information related to the sale and give guidance through the due diligence process. We will also provide information to your attorney who will prepare the necessary agreements needed for the closing.
You are ready to close and now the training and transition begin!