Buying a business is perhaps one of life's largest and most important decisions. Last year Transworld Business Advisors helped over 1,800 business buyers make this all-important decision. Since 1979, Transworld has helped perfect a business buying process that allows business buyers to make informed and wise decisions.
Steps 1 - 4 happen before you even knowing that a business is being offered for purchase. Your trusted Transworld Business Advisors have been assisting business owners with the decision of selling their business.
STEP 1 - Client Interview - We meet with business owners to hear their stories of entrepreneurship. Remember that the decision to sell their business is one of the largest decisions that they will make in their lifetime.
STEP 2 - Collection Of Information - We help business owners as we collect important business financials. These business financials are the documents that help a business get through the challenges of due diligence.
STEP 3 - Business Valuation - A business owner and a business buyer share this one thing in common, they both need a business valuation to determine if they are interested in selling or buying a business.
STEP 4 - Executive Summary - The executive summary is built prior to marketing so that buyers can receive it as part of Step 7.
After you have signed the appropriate confidentiality forms (Step 7) you will receive a business executive summary. The executive summary will provide needed information such as business history, hours of operation, business location, three years of financials, business owner and employee roles, marketing strategies and much more.
STEP 5 - Confidential Marketing - When someone gets ready to sell their home they want everyone to know. When a business owner decides to sell their business they can't put a FOR SALE sign on the front door of their business. Businesses are marketed confidentially for many reasons and business buyers are required to sign confidentiality forms prior to receiving privileged business information.
STEP 6 - Buyer Inquiry - When business buyers find a business they like they contact us. It is the business broker's responsibility to vet buyers and to see where they are on their buying journey.
Typically, serious business buyers ask to meet with their business brokers due to the serious nature of buying a business. Developing a professional relationship with a business broker is a top priority of business buyers and is one of the true tests for a serious business buyer.
STEP 7 - NDA & Buyer Profile - Typically, your business brokers will send you the appropriate confidentiality and buyer profile forms through Docusign. Remember that a confidentiality form will be required for each business of which you inquire.
STEP 8 - Buyer/Seller Meeting - If a home buyer doesn't want to visit a house they say they want to buy, they aren't a serious buyer. Likewise, serious business buyers always want to visit the business and meet the owner of the business that they are considering.
Please remember to come prepared with a comprehensive list of questions and take good notes during your buyer/seller meeting.
STEP 9 - Offer To Purchase - After receiving the information and financials in the executive summary and a successful buyer/seller meeting it is time to present an offer. Your business broker will assist you in this process and present your offer to the business owner.
STEP 10 - Due Diligence - Once the selling price is negotiated you will enter a period of due diligence. Your deposit does not go hard until after due diligence ends.
STEP 11 - Closing - After due diligence, a closing date will be set in coordination with your business brokers, lenders, attorneys, and the business owner.
STEP 12 - Training - After closing, the previous owner and you (new owner) will enter into a time of training as negotiated in the contract.
Business For Sale In Raleigh NC
We take our job very seriously and we want to help you find the perfect business related to your skillset and passions.
Let's meet so that we can learn more about you and so that we can hear the specifics of the type of business that you wish to buy.