How to "Buy a Business” and "Sell a business"

Things You'll Need

the right knowledge and information proper paperwork proper contracts proper worksheets proper documents business broker or consultant lawyer- to review legal documents Research and data consultants

Steps

1

Step One

"How to buy a business"- Preparing yourself with the proper knowledge

Before you even consider “buying a business”, you need to arm yourself with the proper knowledge and

information via very thorough research and through proper training from qualified and experienced

business brokers and consultants. Preparation, research, planning, and executing are all major parts of

any solid business plan and is a must for anyone considering “buying a business”.

Think about it this way- you are going to be dealing with thousands, if not millions of dollars in your

money or someone else’s, why would you not want to arm yourself with the proper knowledge and

training beforehand.

2

Step Two

"How to buy a business"- Choosing the right business

After you have conducted very thorough and rigorous research ,training, and practicing, you are now

ready to start brainstorming for ideas of what types of businesses you might like to buy. You can call

around to local business brokers or even check out some of these websites to get an idea for what types

of business are out there for sale.

3

Step Three

"How to buy a business"- meeting a business broker

While calling around and investigating what types of business you might like to buy, I am sure you have

come across some great listings by some very prestigious business brokerage firms. As I believe in

smaller more private business brokerage firms, you should consider meeting face to face with an actual

broker so you can get your feet wet and practice some of your knowledge and training. While meeting

with the business broker, make sure to ask as many questions as you can , but come prepared as I am

sure the business broker is very busy. Meeting with the business broker should help clear up a lot of

questions and also help steer you in the right direction of what type of business you should buy.

Utilize the business broker as much as possible; they will help guide you through these tough, stressful,

and very emotional decisions. Prepare yourself with the most knowledge and experience as possible so

you do not end up making a very costly and very stupid mistake.

4

Step Four

"How to buy a business"- “due diligence”

After meeting with the business broker and doing your proper research and training, you should now

have made a few decisions on what type of business you are going to buy. Now comes the long, tedious,

time consuming, and very complex processes of”due diligence”.

Due diligence is the act of gathering all data, P & L reports, tax returns, assets, competitions data,

demographics, stock reports, etc, etc and ultimately crunching all of the numbers and variables together

to come up with the most likely future projected path of the business . There is a lot of research, data

collecting, crunching of numbers, etc, involved in this process and I would suggest seeking professional

guidance to at least review the numbers and data you come up with.

5

Step Five

"How to buy a business"- Meeting with business broker, lawyers, and accountants?

Throughout the entire process of buying or selling a business, you should always have an open line of

communication between your dynamic legal trio and counsel. All of these professionals need to be in

constant contact with you and the other members of the deal.

After getting the information together on the businesses you want to buy, you should then have a

meeting with all the members of your team and evaluate the entire proposed business venture.

After careful review and critique, you should be able to hone in on which business going to be the best

fit for you and your lifestyle.

Now you can let your team do there part by drawing up proper legal documents, filling out documents,

running worksheets, crunching more numbers, and ultimately coming up with a rough draft proposal for

the business venture at hand.

6

Step Six

"How to buy a business"-Presenting your first offer

Now comes the exciting part of presenting your first proposal for the business you are trying to

purchase. Do not get to antsy as this part can sometimes drag on for months and months , while going

back and forth with offers and counter offers. Just be prepared for an emotional ride but seek solace in

your professional advisors and your knowledge and training.

Always be open minded to creative financing, extra training from owner, earn outs, etc, etc. These little

twists and tweaks of business buying and selling deals can only safeguard your future success.

7

Step Seven

"How to buy a business"- Closing the deal

After going through the very emotional and stressful negotiating processes, you should now have some

kind of formal agreement ,if not a legal binding contract for the business venture at hand.

Now is the time consuming process of waiting for all the legal forms and documents to be filled out and

processed through the proper channels. This process, depending on the situation, can some times drag

on for months as well. This is where your training, preparation, communication, and legal team all come

into play.

After all due processes have been conducted and completed, you should now be the proud new owner

of a successful business.

You see it ll comes full circle.

8

Step Eight

"How to buy a business"- Keeping in touch with owner and previous management

After the deal is sealed, depending on the uniqueness of your particular sale, you should always keep in

contact with previous owner and management(if not still there). You may already have this end worked

out in your deal , but it always helps to keep a type of friendship open so you can always pick the prior

owners brains for ideas and advice , which in turn ,might give you some great ideas.

9

Step Nine

Rinse, wash, and repeat- it can be just that easy. Everything in life is work, there are no easy streets.

Remember,

“Easy come, Easy go” –

How true , just look at how many people win millions on the lottery and are broke a year or less later.

Arm yourself with knowledge and experience from actual business brokers of 30 years,

Follow the Exclusive Pre Launch Event of there “How to buy and sell businesses “Training Package

http://www.businessbrokeragesecretsrevealed.com

Tips & Warnings

Be prepared- prepare yourself thoroughly and ask questions Find good referred legal counsel Get the proper training Do not base decisions on emotion keep an open mind when it comes to financing a business deal, you would be amazed at the

offers you might get Keep an eye on your legal team keep an eye on the seller and investigate reasons for selling keep the deal 100 % confidential , for to many reasons to explain Keep in constant contact

Resources

* Business Brokerage Secrets Revealed Pre Launch Event * How to buy a business blog