Buy a Business with Transworld Business Advisors
When you decide to buy a business with the assistance of Transworld Business Advisors of North Boston, you’re making the first of many smart business decisions. 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 your skills, experience and interests, as well as your financial capabilities are. The Boston area presents a lot of opportunity for entrepreneurs. Having a trusted advisor at your side can give you the edge.
Take Charge When You Plan to Buy a Business
The decision to buy a business is can be life-changing. Purchasing a business lets you take charge of your financial future. Business owners will tell you that owning and operating a business is the greatest way to build wealth and take charge of your own destiny. When you partner with Transworld to buy a business, you have the advantage of working with the best business brokers in the industry. Ideally, you will meet with your Transworld business broker in person. If that’s not feasible due to distance, you can set up regular communication by phone, video chat, or email or a combination of those.
Before You Buy a Business, Take Time to Evaluate
Before you take the plunge and buy a business, you need to do some self-evaluation. We’ll ask you a lot of questions about yourself, your interests, skills, experience, and financial capabilities. We’ll also ask about your family obligations and work-life balance. We need to gather all of this detailed information so that we can help match you with business opportunities. As always, honesty and a clear vision of where you are and where you want to be is important. Together, we’ll determine your commitment to the process and the best types of businesses to pursue. Once the evaluation phase is complete, we will start your business search using Transworld's considerable market resources.
Knowledge is Power When You Want to Buy a Business
Making uninformed business decisions is a quick way to waste time and money. Your Transworld representative will help you educate yourself on what it takes to buy a business. We will take the time to explain the process and answer any questions you may have. We will also help you understand the realities of the current business marketplace. You will learn how to search the Internet for Boston area businesses for sale, how to make sense of Business Listing Information sheets, get an understanding basic valuation concepts, and much more. When you are serious about buying a business, knowledge truly is power.
The Search Is On to Buy a Business
Now we get to the fun part. Your Transworld business broker 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 tours with the seller. We will help you continue to 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
When you’re ready to make an offer, your Transworld business broker will help you draft a contingent offer to buy. 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. Your deposit will be held in escrow. After any negotiations, and if all goes well, you will have executed a contingent purchase agreement.
Perform Your Due Diligence Before You Buy a Business
Performing your due diligence means checking under the hood so to speak. With your team of experts, you will inspect the premises and the books. Has the owner told the truth about everything? Now is the time to discover hidden secrets or issues. We will coordinate the efforts of your legal and accounting team, as well as any other experts you need. Before we move on to closing, if you plan to finance your business purchase, the lender must have already approved your loan application.
Close the Deal – Buy a Business!
Both sides will make final preparations for lease assignments, utility transfers, financing, vendor accounts, inventory counts, and any final preparations. Having all of the relevant documents at closing will help make the business transfer as smooth and seamless as possible. Your business acquisition will most likely be completed by an attorney, and will include signing several documents as well as making payment for the balance of the purchase price.
The seller will likely provide transitional training and assistance to get you started on the right foot. This can include meetings with employees, clients, and vendors; technical education, computer updating, and other essential transfer of knowledge. We will be available to assist you with any questions or post-closing requirements you may have.
We are here to help you find your dream 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.