How Sunbelt Helps You Buy a Business

Congratulations, on making the decision to own your own business and now that you know the advantages of buying an existing business lets talk about the buying process.  

We start by trying to understand who you are.   For example, what are your skills, abilities, interests (Buy a Business You Like) dreams, resources, and what performance criteria should your ideal business meet? 

We also think it is important you understand who we are – our philosophy, values, and process.   While we would prefer this initial consultation to be face-to-face, we can use other means for out-of-town buyers.  

Following the initial consultation you will be asked to sign a combined Confidentiality and Agency Agreement.   The Confidentiality portion is meant to protect the interests of business sellers and the Agency portion is designed to protect your interests by ensuring you receive the type and level of service you want or need. 

Next we help you examine various business opportunities to see if any match your needs, resources, etc.

Once several opportunities have been identified you will be encouraged, if appropriate, to visit the business as a “secret shopper” to get a general feel for its location, facilities, services or product lines, etc.

If you like what you see, we will give you an in-depth profile of that business and facilitate a meeting between you and the seller.

By now you will be ready to either make an offer to purchase the business or consider another opportunity.

Sunbelt, or your other advisors, can help you draft and present an offer that is reasoned, reasonable and protective of your interests.  While some tough negotiations may occur, we try to keep both parties focused on their desired futures so a successful agreement can be reached.

If your offer is accepted, you will need to provide a deposit, typically 10% – 25 % of the agreed upon price, within 24 hours.  The deposit will put into a secure trust account.

During the next several weeks, you and your advisors will have a opportunity to conduct a in-depth examination of the business, so you can:   

• Obtain an appropriate property lease;
• Review existing supplier, client and/or equipment contracts or agreements;
• Conduct a business and records review; and
• Conduct all necessary legal searches and verifications.  

 
If the review is successful, you and the seller will meet with a lawyer to sign various closing documents and transfer the balance of the funds.  

However, if the review uncovers some previously unknown issue(s), you will have, if your offer to purchase was correctly drafted, an opportunity to cancel or potentially renegotiate your offer.

Lastly, you and the seller will work together to ensure you receive the training needed to make the business truly your own.  

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