You have made the decision to control your financial future by purchasing a company. Owning a business is the greatest way to build wealth and take charge of your own destiny. Congratulations for contacting Transworld. You’ve selected the best in the industry! Now the process begins to help find and acquire the right business for you.
8 Steps to Buying a Business
Whether you choose a specific listing and or ask a Transworld Associate to guide you through the initial selection process, it is always best to participate in our ‘Registered Buyer Program.’ By enrolling in this strictly confidential program, we will be best able to find opportunities that meet your requirements. Furthermore, should there be none available today, you will receive an immediate notification of all new listings that match your buying criteria as they come onto the market.
As most Sellers will insist that you provide them with a personal resume and proof of your ability to fund the acquisition of their business before they allow us to disclose more information about their business, we strongly suggested that you provide us with this information at the outset. Furthermore, should there be financing either by the Seller or through a Small Business Administration (SBA) backed loan, or licensing requirements, or an assignment of a lease for the business’ premises, you may be required to authorize a personal credit report and provide tax returns for SBA financed transactions.
The next step will be to have you complete and forward back to us a signed Confidential Disclosure Agreement (CDA), which is always required before we can provide you more detailed information. Please remember that confidentiality is critical to both the Seller and the Buyer and that you should never disclose the availability of a business to anyone other than your most trusted advisors. When we do arrange for you to do a ‘drive by’ of a retail opportunity, please be sure to behave as a customer and never reveal your interest in acquiring the business.
Depending on the circumstances, we will arrange for either an initial phone conversation or a meeting with the Seller of the business. Please be sure to prepare your list of further information that you require in order to arrive at a decision regarding the purchase of the business.
Once you are satisfied that this is the opportunity you wish to acquire, we will assist you in preparing an offer in the form of an ‘Asset Purchase and Sale Contract.’ We always suggest that you use attorneys and accountants familiar with small business transactions to guide you (we can recommend some to you if you so desire).
Due diligence can only commence once you have an approved Asset and Purchase Agreement. This is your opportunity to verify that the financial information that the Seller provided is accurate and to obtain all the detailed information you require to proceed with the transaction.
Simultaneously, if the business can qualify for an SBA backed loan, we can provide you with a recommended list of vendors who will assist you with your application.
Count on us to always be available to assist along the way until the successful conclusion of the transaction.
