Buy a Business With Transworld Business Advisors
When you buy a business with the assistance of Transworld Business Advisors of Bel Air, Maryland, you’re making a sound business decision. Transworld has a time-proven process to help our clients buy a business. Your business should be a good fit for you as far as where your interests lie and what your financial capabilities are.
Take Charge When You Plan to Buy a Business
The decision to buy a business is a big one. Purchasing a business will allow you to control your financial future. Business owners of all stripes know that owning a business is the greatest way to build wealth and take charge of your own destiny. When you team up with Transworld to buy a business, you’ve chosen to work with the best business brokers in the industry. You should plan to meet your Transworld business broker in person. If that’s not possible due to distance, regular communication by phone, Skype or email or a combination of those should be effective.
Before You Buy a Business, Take Time to Evaluate
Before you buy a business, you need to do some self-evaluation. At Transworld, we begin the business buying process by gathering detailed information about you. As always, honesty and a clear vision is important. We use this information to establish your financial capabilities, as well as learn about your skills and experiences, and your personal life goals. The decision to buy a business is not one to be taken lightly. Together, we’ll determine your commitment to the process and the best types of businesses to pursue. Once we complete this evaluation phase, we will start your business search using Transworld's considerable market basket of resources.
Knowledge is Power When You Want to Buy a Business
Making uninformed business decisions is a recipe for failure. Your Transworld representative will help educate you on what it takes to buy a business. We will take the time to explain the process and help you understand the realities of the current marketplace. You will learn how to search the Internet for businesses, decipher Business Listing Information sheets, understand basic valuation concepts, and much more. When you set out to buy a business, knowledge truly is power.
The Search Is On to Buy a Business
Now the fun begins. We will help you search for your future business, assist you in signing confidentiality disclosures, get you detailed information on each business of interest, and set up showings with the seller. We will help you refine your business search and visit opportunities until you decide on a business to purchase. If your search to buy a business takes longer than a few months, you may need to return to the previous two steps.
Make an Offer to Buy a Business
Your Transworld business broker has expertise in structuring a deal, and will help you draft a contingent offer to buy a business that you want to purchase. We will present a purchase and sale agreement to the seller, along with a deposit of good faith to demonstrate you are a serious buyer. After any negotiations, and if all goes as planned, you will have an executed contingent purchase agreement.
Perform Your Due Diligence Before You Buy a Business
Performing your due diligence is when you look into all the nooks and crannies, both literally and figuratively before you buy a business. You will fully inspect the owner's representations to ensure they are accurate. Is the company really in great financial shape? Are there any secrets lurking in the business documents? We will coordinate the efforts of your legal and accounting team and strive to satisfy all contingencies. If you plan to finance your business purchase, the lender must approve your application. This proves to the seller that you are qualified for repayment of the loan.
Close the Deal – Buy a Business!
Both sides will make final preparations for lease assignments, utility transfers, financing, merchant service accounts, inventory counts and any other last minute preparations. This will help make the business transfer as smooth and seamless as possible. Your business acquisition will usually be completed by an attorney, and will include signing several documents and the payment of the balance of the purchase price.
The seller will likely provide transitional training and assistance including meetings with employees and clients, technical education, computer updating, and other essential knowledge transfer. We will be available to assist you with any questions or post-closing requirements you may have.
You may have a lot of questions before, during and after you buy a business. Please do not hesitate to ask us to explain in detail any portion of this process. And remember what you have learned throughout this process, because when the time comes, Transworld will be here to help you sell your business.