The process for the buyers and sellers have different steps and goals, but are met with the same level of professionalism, care and standards. At Horizon Business Broker’s it is our goal to make you knowledgeable about the entire process so that you are comfortable every step of the way.
You can be sure you will be treated professionally and fairly, because Horizon Business Brokers abide by the Business Broker Code of Ethics.
1. Meeting and Interview
We’d like to get to know you and your needs for purchasing a business by personally meeting with you. When we meet, please have a list of your goals, ideas about price range and locations ready to discuss.
2. Confidentiality Agreement
Each buyer is required to sign a confidentiality agreement to protect all parties concerned in the process. This is usually signed at the initial meeting. Click here for the buyer’s package (confidentiality agreement, profile and financial statement).
3. Identifying the Right Business
Once one or more businesses have been identified that may be of interest to you, we will further discuss the opportunities.
4. Showing the Business
Once you have identified what may be the best business opportunity for you, we further discuss the possibility by meeting the owner, and answering any financial and operational questions that you might have.
5. Offer or Letter of Intent
This stage is when an initial offer to buy the business is made. There may be some back and forth negotiations that take place until all the general terms of the purchase are agreed to by all of the parties concerned.
6. Due Diligence
This phase is the most important aspect of the purchase for the buyer. You are asked to study the business in as much detail as possible in order to satisfy yourself and your advisers that the business is what you expected. This is the time where you obtain approval to take over a lease (re-assignment or re-negotiated) and get your bank loan approved (if necessary). If you are satisfied with your findings in due diligence, we may proceed to settlement.
The settlement is the final process in the business purchase phase. An attorney or attorneys for the buying and selling parties draw up and complete the documents necessary for finalizing the purchase. When all terms are agreed to and a lease is approved through the landlord of the property (if applicable), the business is transferred at a formal closing. We offer financing for your business purchase through our network of small business lenders. Horizon Brokers understand that buyers want choices before making a very important decision to purchase a business. We offer those choices. Buying a business is a process that is time consuming and can be frustrating without a professional broker to guide you through it.