The VR Buying Process
The experts in any profession are masters of their trade. They are copied by competitors, and their operational procedures become the norm for their peers.
The “VR 18 Steps for Buying a Business” is the methodology behind helping today’s entrepreneur acquire their dream, and has been since 1979.
VR’s goal is to educate our client so that the business transaction is a smooth transition for the first time owner or the professional buyer. Now in its fifth decade of offering Valued Representation, VR Business Brokers offers a transaction road map that is not only detailed, but proven.
VR’s 18 Steps for Buying a Business: How to Buy a Business
You commit to purchase a business at price and terms consistent with the marketplace and consistent with your needs and abilities.
You sign an agreement promising to maintain confidentiality for all the information provided to you on the businesses we discuss.
You provide us with information about yourself, such as a resume and financial statement. The more we know about you, the more likely we can find a business you will like. The more information we have to provide the seller, the better the terms he or she will consider.
Together we discuss and review various types of businesses and select some that appeal to you.
We introduce you to the businesses you are interested in and discuss the important factors of each.
A meeting between you, the seller and us may take place. This gives you the chance to ask questions you may have about how the business operates and to describe your qualifications to the seller.
You write, with our assistance, an offer or letter of intent for the business you like. Earnest money may be required to demonstrate the seriousness to the seller. Most offers are contingent upon your inspection of the books and records of the business. The offer is not binding until you remove all contingencies.
We present your offer to the seller.
We give to the seller your background, financial information, experience and point of view in arriving at the offering price, terms and conditions. Favorable background information about you will result in favorable consideration of your offer.
We carefully explain the terms and conditions of the offer to the seller and decision makers.
The seller accepts the offer to purchase as presented or submits a counteroffer.
When buyer and seller agree to all terms and conditions of the sale, the offer becomes a Purchase and Sale Agreement.
You meet with the seller to examine the financial records. Any questions you have are resolved at this time.
You remove all contingencies in the Agreement. It is now a binding agreement.
We work with the landlord to get an assignment of the current lease or new lease for you.
We provide all documents to the transferring agent or attorneys so they can prepare the closing documents. They conduct lien searches and also make arrangements to assign any notes or equipment leases.
Arrangements are made for you and the seller to count and price the inventory (if required).
All parties meet to sign documents.