BUYING A BUSINESS
Whether you’re thinking about buying your first business or looking for another business to add to your portfolio, 1st & Main Partners is with you every step of the process. First, we'll narrow down the type of opportunities that interest you then identify the businesses that suit your parameters. In addition to providing qualified and realistic listings, we tap into an extensive network to find the best opportunities for you. Our brokers know what questions to ask, and more importantly, how to listen in order to create your ideal match. Request a consultation below (click button) or call (407) 476-4446 to speak with a Business Intermediary today.
1. Buyer Profile & Qualifications
Many Business Brokers jump right into showing a buyer ever listing they see within a given price range. While this might work for a seasoned buyer, a first time buyer might be overwhelmed by that practice.price range. While this might work for a seasoned buyer, a first time buyer might be overwhelmed by that practice.
1st & Main starts a relationship with buyers with an extensive conversation asking about their background, strengths, weaknesses, access to capital, type of management role, and other pertinent information.background, strengths, weaknesses, access to capital, type of management role, and other pertinent information.
2. Investigate Opportunities
After reviewing business listings, your Business Broker will relay your questions and concerns, hopefully leading to a buyer-seller introduction meeting. If these intro meetings go well, we'll prepare a purchase offer.
Often overlooked, 1st & Main will dig into the value of the company you've decided to pursue ensuring the the price is in line with its value.
While finding the right business sometimes occurs on the first listing reviewed, more than likely, you'll evaluate a few opportunities. Don't get discouraged! It may take several months or even a year to find the right business.
3. Making and Offer & Due Diligence
1st & Main assists a buyer to prepare a purchase offer or a Letter of Intent. Rarely is an offer accepted without a counter, but a well-prepared buyer is ready. We guide you as you put your deal together.
In short, due diligence is a process where the buyer requests documents, data, and information to review and identify any potential liabilities or roadblocks to the closing of the sale. The results can cause a buyer to demand a reduction of the price, add performance contingencies, or to terminating the transaction altogether. 1st & Main instructs buyers to take on due diligence with cautious optimism and a little skepticism.
4. Closing & Transitioning
In the context of the sale of a business, the "closing" is the point in time at which all necessary documents are signed by all the parties, apportionment of expenses up to the date of closing is done, money and keys are exchanged, and the buyer becomes the owner of the business. However, unlike in the sale of a house, the seller more than likely remains during a predetermined transition period to assist the new owner retain staff, learn day-to-day operations, make introductions to vendors and customers, and offer specialized training. 1st & Main Partners stays engaged with its buyers well after the closing to offer assistance during a challenging yet exciting time!
