Become a business owner without starting from scratch.
Buying an existing business is a great way to become a business owner without starting from scratch. An established business comes with existing customers, documented revenues, and business assets. You’ll still have to do the work of being an entrepreneur, but you won’t have to create and build everything from zero.
Whether you’re spending $50,000 or $5,000,000, the purchase of a business is a complex transaction. Like any other business transaction, there’s risk involved. It’s not as simple as wiring funds to the seller and receiving the keys. There are important decisions that must be made - all of which can have an impact on your pocket and the success of your future business.
Protect yourself when buying
It is important that you be confident as you move through the transaction and have a competent ally to help you protect your interests. As the saying goes, you don’t know what you don’t know. How can you protect yourself and minimize risk when you don’t know what you’re doing? How do you make quality decisions and negotiate effectively when you don’t have the time to read everything on your own?
A business acquisition is a transaction that involves many risks and decisions that can impact your business and personal life for many years to come.
How do you get copies of the financial statements so you can learn what the business is worth?
What happens if the equipment doesn’t work like it should after you buy it?
What will stop the seller from opening up a similar business down the block from you and competing with you?
We can help you:
Buy an existing franchise
Buy a service-based business
Buy an existing store
Buy into a partnership or existing company
Have peace of mind throughout the process
It’s our job to handle the details, but here’s some of what we do to provide support in business purchases:
Legal due diligence on the business (existing contracts, vendor agreements, accounts receivable)
Review and analysis of legal, operational, and financial risks associated with the business
Advice on and development of purchase strategy
Crafting of purchase agreement
Direct negotiation with the Seller’s legal counsel on your behalf
Counsel on financing options and models
Perform closing on business loans (including Small Business Association [SBA] loans)
Form purchasing entity(ies)
Prepare lease or review lease for business location
Conduct real estate closing on real estate purchased in connection with the transaction
Negotiate and draft non-compete agreements, employment agreements, and compensation
Escrow agent services for the proper disbursement of transaction funds
If you’re interested in buying a small business, we can guide and support you through the process from beginning to end.
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Franchising is a great business model – for those who understand how it works and are a good fit for it. It can be lucrative to buy a franchise and a great way for someone to get into business using a proven system.