Buying A Business
Buying a business can be a challenging, but very fulfilling experience. We assist the Buyer and contribute to the transition by offering guidance and education at every step in the process. We are experts in matching individual ability and skill set to the business opportunities that exist.
An initial interview between the Buyer and an OConnor Broker will establish the Buyer's criteria and determine his or her financial, technical and business abilities. The Buyer's criteria are utilized to identify potential acquisition candidates from our existing database. Should our current business listings not meet the buyer’s requirements, we will utilize our extensive networking capabilities to locate potential candidates for acquisition. This unique and innovative process of ours is known as Effecting Acquisition.
Our acquisition team will source out opportunities, and compile a list of candidates. We will engage the candidates on this list, and determine which of the businesses are viable candidates for purchase. We will then begin a discussion process with the selected businesses that will lead to negotiations.
The process of buying a business, plus the pertinent details of selected business opportunities, including financial information, are communicated to the Buyer. Following the Buyer's research of the industry under consideration, a visit to the Seller's facility is arranged. After the Buyer has visited the business or businesses, and determined that he would like to purchase one of the businesses, he will then submit a purchase contract to the Seller.
The purchase contract contains 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, if there is to be financing provided by the seller, and the details of the financing. It also gives the Buyer time to acquire and review the financial records of the Seller. We will work as the intermediary in negotiating the purchase contract between the Buyer and Seller.
During the due diligence period provided by the purchase contract, we will work with the Seller to compile the needed information. Upon the completion of the due diligence period, the Buyer and Seller are ready for the closing.
We will work 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.
Our escrow attorney will facilitate the closing of the sale, file the required paperwork, and ensure that all licenses and leases are properly handled for the Buyer and Seller.
We invite you to Contact Us to get your search process started.