Do I Need An Attorney And An Accountant To Buy A Business?
Buying or selling a business can be a complicated venture. While some businesses are sold without the help of accountants and attorneys, we strongly recommend that both the buyer and seller engage professionals.
Where Can I Go To Look At What Businesses Are Available To Buy?
Our website, www.tworld.com/Ontario, has a search page where you can look at thousands of businesses. There are a lot of other websites that have businesses for sale. If you find any business for sale, please call your Transworld representative and we can contact the seller or other broker on your behalf.
What Will The Process Of Buying A Company Cost Me?
Transworld is generally paid by the seller not the buyer. However, other costs do come into play. Legal and accounting fees are generally required and additional startup costs may also come into play.
Will The Current Owners Train Me To Run The Company?
Depending on the complexities of the business, the former owner will offer varying levels of training. On most small businesses, the owner will offer training for two to four weeks at no cost to the new owner.
How Do I Know That The Profit Figures That The Sellers Claim Are True?
As part of the acquisition process, you will have to go through "due diligence." During this period the seller is required to present documents to verify profit numbers.
Will I Have To Come Up With The Entire Purchase Price?
No, while 100% of the purchase price is sometimes required, sellers will frequently provide owner financing to some extent. Additionally, a bank may be able to loan a portion of the purchase price.
How Much Money Will It Take To Buy A Small Business?
Businesses vary in price a great deal, however, it would be unlikely that one could buy a business with much less of a down payment than $50,000.
Should you have any additional questions about buying a business, please don't hesitate to contact Transworld Business Advisors (Click Here)