Vested Business Brokers' Basic Steps to Buy a Business
Initial Consultation—Learn about how Vested's processes work to help you buy a business
You will want to have a one-on-one consultation via phone or in person with a Vested Business Broker in your area to discuss all of your questions and concerns regarding the processes involved for Vested to help you find the right business opportunity to buy. Our brokers are trained to help you with your business concerns as well as your personal concerns. We realize that you are making both a financial and lifestyle decision, and the more we understand your needs, the better we will be able to help you find the right business to buy.
FREE Buyer Registration—View confidential information about a business for sale
Once all of your concerns have been addressed and you have decided to proceed to use Vested in your quest to buy a business, your Vested Business Broker will help you to register as a business buyer at no charge. This is so you can view all the confidential financial information that you will ultimately need to see in order to feel comfortable when you buy a business.
You will need to either sign a one page confidentiality agreement electronically, or if you prefer, you can fax in the agreement. In the agreement you promise not to disclose to anyone else any confidential information we may show you about any Vested listed business for sale.
Buyer Profile—Automation that helps you buy a business
Your Vested Business Broker will work with you to create your "buyer profile." This process helps make your search to buy a business more successful. Vested Business Brokers bring in new business for sale listings every day and your completed buyer profile will help our database to automatically flag any new listing that may be a good fit for you. When this happens, both you and your business broker are notified that there is a new small business for sale that you should take a look at.
Viewing Listings—Start online and then request an address of a business for sale
After you and your broker complete your buyer profile and enter it into the system, you can review each business for sale that the system recommends online. We also encourage you to browse through our listings of businesses for sale because often a registered business buyer believes he or she wants to buy a business of one type but ends up buying a business of another type that they simply just didn't think of.
Whenever you have looked in the database at a business for sale that you think may be a good fit, your Vested professional will provide you with the address of the listing so you can do a "drive by." If you prefer, your business broker will go along with you to take a look at the business for sale and address any questions about it that you may have.
Offer To Purchase—Making an offer on a business for sale
If a business for sale seems to be a fit and you have had a chance to think about making an offer (sometimes you may have to make several visits to the business to be certain), your broker will help you fill out a Letter of Intent. The LOI details the price and terms at which you would like to purchase the business for sale and sets the timeframe for due diligence (see below). Here your broker's experience will help you structure and make your best offer.
Due Diligence—Verifying the financials of a business for sale
Once your offer has been accepted, you will conduct a period of research on the business called due diligence. Basically, the process of due diligence takes place over a set period of time where you work with the seller to verify the financials of the business for sale as well as learn the inner workings of the business. Due diligence typically takes two weeks. A buyer should always bring in an attorney and accountant to help during this phase of the purchase. Your broker will be available to assist you during the due diligence process in every way.
Contract & Closing—Your dream to buy a business becomes reality
Following a successful due diligence period in which all of your concerns have been addressed, a contract will be drawn up between you and the seller. Typically, this is done by the attorneys on both sides of the deal. If the contract satisfies all the contingencies you have set forth, you and the seller can sign it and set a closing date. At closing, the business will officially change hands and you will have realized your dream to buy a business. Vested Business Brokers are available for you every step of the way to ensure that you are making informed decisions.
Do You Need More Information? Call us today!
Call us at 1-877-735-5224 and we will arrange for one of our brokers who works in your local area to call you for a "no-obligation" consultation today.
If you feel you are ready to buy a business without having a business broker consultation first, you can browse through our listings of businesses for sale on our Home Page or Buy a Business Page and then register to become a business buyer at no charge. A registered business buyer agrees not to share any confidential information we give them about a listing and is permitted to view all of the financial details of a given business for sale, as well as receive the address of businesses for sale to do a "drive by." You can register by signing our confidentiality agreement electronically, or you can print out the agreement and fax it to our corporate office.
Additional Informative Articles:
Should I Be Starting a Small Business or Should I Buy a Business That Is Already Profitable?
Why "Right Now" May Be the Best Time to Buy a Business
If I Want to Buy a Business, How Can I Benefit by Using a Vested Business Broker?
Featured Business For Sale