Buying a business is a fulfilling experience. American Business Brokers assists the buyer—navigating challenges along the way—and contributes to the transition by offering guidance and education at every step of the process.
Buying a business starts with an initial meeting. The business buyer and business broker establish the buyer's objectives and criteria, then determining their financial, technical and business abilities to find their ideal match. In preparation for this initial meeting, the business buyer should complete our Buyer’s Info Request.
We utilize the buyer’s objectives to identify potential acquisition candidates. Prior to disclosure of the business name and financial details, the buyer is required to sign a standard Non Disclosure Agreement, ensuring the seller’s information is kept confidential. The seller may require the buyer to also complete a profile with a financial statement, displaying their financial ability to purchase. We walk the buyer through the process, communicating all the pertinent details.
Following the buyer's research of the industry under consideration, a visit to the seller's facility is arranged. This is when the buyer has the opportunity to ask in-depth questions.
If all goes well, and the buyer decides to proceed after a complete inspection, we work with the buyer to develop an offer. The business broker communicates with the seller to obtain information needed for the buyer to submit an asset purchase contract.
The asset purchase contract contains the following: the details of the price to be paid for the business, what assets are included in the purchase, the amount of training to be provided to the buyer, the time period and area to be covered by a non-compete, and the details of the financing, including any financing by the seller.
Following acceptance of a purchase contract, the buyer begins the due diligence period provided by the contract. American Business Brokers works with seller to provide the buyer with necessary information, including detailed financial records. We act as an intermediary, facilitating contract negotiations between the buyer and seller.
American Business Brokers works with the buyer in securing the approval of financing, the transfer of licenses, the assignment of lease and franchise rights, and the performance of due diligence for the target business.
An escrow attorney is retained by the buyer and seller to facilitate the closing of the sale. Upon the completion of the due diligence period, the buyer and seller are ready for the closing.