When you think you have found the right business to buy, the process will begin to get interesting as the excitement kicks in. Because this process can vary slightly for each purchase, it is important to be organized and methodical.
You will want to thoroughly investigate all aspects of a business for sale and make certain that the owner’s representations to you about the business are accurate. If there is financing involved in your purchase of a business, your application must be approved by the lender, proving that you are qualified for repayment of the loan. You will also need to take a close look at the business's operations, financial performance, legal and tax compliance, customer contracts, and intellectual property. These are just small steps in an intricate process.
Buying a business without professionals working alongside you can be not only be stressful but also carry some risk. For this reason, it is always advisable to hire a certified public accountant (CPA) and an attorney with experience in this arena. We further recommend the hiring of a business broker to lead your team and help coordinate your team’s efforts. These professionals will be able to guide you through the entire purchasing process.
Experienced business brokers have a clear understanding of the documents that must be reviewed, questions that need to be asked, etc. They should be able to ensure your CPA and attorney are working to review and process all of the necessary paperwork in a timely manner. Together, they will likely come up with a list of documentation to make certain you are covering your bases throughout the purchasing process.
Transworld has been a mainstay in the business brokerage industry for over 35 years, successfully matching business buyers and sellers across countless industries, from gyms to import/export businesses and travel agencies. We focus on the buyer’s specific requirements and interests to find the businesses that are right for them. By partnering with many professionals over the years, we have established partnerships with attorneys and accountants. This means faster results for you.
Transworld’s brokers are some of the most sophisticated and experienced in the industry. Many of Transworld’s brokers have owned businesses and can relate to your specific needs as you go through the process. Our service, dedication, and drive are your guarantee that if you are prepared to buy a company, we are ready to help you find the best one for you. Call us today!