THINKING ABOUT BUYING A BUSINESS?

6 Key Elements to Put in Place Before Moving Forward

Suppliers in Place

Existing relationships make the transition into buying a business much more smooth. An established business will already have a track record with suppliers.

Existing Customers and Referral Business

The business should have a loyal following of customers. Find out how often the company has repeat business.

Trained Employees in Place

Typically, an existing business will have key employees in place. Find out which employees will stay once you purchase the business.

Immediate Cash Flow

You should be able to step right in and continue with the sales, as did the previous owner. Once you have signed a confidentiality/non-disclosure agreement, you will be able to view the company’s complete financials.

Seller Training

Along with the benefit of key employees, ask if you will receive training from the seller of the business. This is a great way to benefit from the seller’s expertise and find out what made their business successful.

Seller Financing

Sometimes, the owners will finance a portion of the sale price. It’s always a good question to ask before considering a loan.

Buying a Business in Sarasota County

Our Process

The first step for potential buyers is having them sign a confidentiality/disclosure agreement, and in most cases, a financial profile. Our goal with this is to limit the exposure of the business and maintain confidentiality. We do this to help prevent a business from being “damaged” in the selling process.

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