The VR Buying Process
VR has helped thousands of people buy businesses. That’s why we are recognized as the industry leader. No doubt you have a lot of questions, from “How do I get started?” to “What do I do next?”.
VR Business Intermediaries have the experience and objectivity to answer all your questions; match your needs, abilities, resources and interests with just the right business; and work with you through the entire process, right up to the seller handing you the keys to the business.
VR’s goal is to educate our client so that the business transaction is a smooth transition for the first time owner or the professional buyer. Now in its fifth decade of offering Valued Representation, VR Business Brokers offers a transaction road map that is not only detailed, but proven.
Here’s a quick look at the buying process
You sign an agreement promising to maintain confidentiality for all the information provided to you on the businesses we discuss.
You provide us with information about yourself, such as a resume and financial statement. The more we know about you, the more likely we can find a business you will like. The more information we provide the seller, the better the terms he/she will consider.
Together we discuss and review various types of businesses and select some that appeal to you. We introduce you to the businesses you are interested in and discuss the important factors of each.
We provide the seller information regarding your background, financial wherewithal, and professional experience. Favorable background information about you will result in favorable consideration of your offer.
A meeting between you, the seller and your VR Business Intermediary may take place. This gives you the opportunity to ask questions you may have about how the business operates and to describe your qualifications to the seller.
You write, with our assistance, an offer to purchase the business you like. A refundable, earnest money deposit will be required to demonstrate your seriousness to the seller. We carefully explain the terms and conditions of the offer to the seller and decision makers.
All offers contain contingencies that must be removed before the contract is binding. Typical contingencies include your inspection of the books and records, assumption of the lease, and attainment of proper financing.
The seller accepts the offer to purchase as presented or writes a counter offer. When buyer and seller agree to all terms and conditions of the sale, the offer becomes a Purchase and Sale Agreement.
You meet with the seller to examine the financial records. Any questions you have are resolved at this time. We work with the landlord to get an assignment of the current lease or a new lease for you.
We provide all documents to the transferring agent or attorneys so they can prepare the closing documents. They make arrangements to assign any notes or equipment leases.
Arrangements are made for you and the seller to count and price the inventory (if required).
We will work with you to find a lending institution to finance your purchase.
All parties meet to sign closing documents.