You have made the decision to control your financial future by purchasing a business. Owning a business is the greatest way to build wealth and take charge of your own destiny.
All buyers should meet their Transworld representative in person, however, if that is not possible due to distance, continuous communication by phone or email can be effective. We begin our process by gathering detailed information about you to establish your financial capabilities, your skills and experiences, and your personal life goals. This information helps us gain your commitment to the process and determine the best types of business to pursue. Once this is completed, we will start your search using Transworld’s considerable market basket of resources.
You will learn how to use online forms, to search the Internet for businesses, to read Business Listing Information sheets, to understand basic valuation concepts, and to review our available opportunities.
Now the hard work begins. We will help you search for your business, aid you in signing confidentiality disclosures, get you detailed information on the business, and set up showings with the seller. If your search takes longer than a few months, you may need to return to the education step.
We will share with you our expertise in deal structure, by helping you draft a contingent offer on a business that you would like to buy. A purchase and sale agreement will be presented to the seller. After any negotiations, you should be left with an executed contingent purchase agreement to buy a business.
This period is where you fully inspect the owner’s representations are accurate. We will coordinate the efforts of your legal and accounting professionals and strive to satisfy all contingencies. If there is financing involved your application must be approved by the lender, proving that you are qualified for repayment of the loan.
Final preparations will be made for lease assignments, utility transfers, financing, merchant service accounts, inventory counts and any other last minute preparations to make the transfer as seamless as possible. Your acquisition will usually be completed by an attorney with the signing of several documents and the payment of the balance of the purchase price.
Transitional training by the seller may include meetings with employees and clients, technical education, computer updating, and other essential knowledge transfer. Transworld will still be here to help you sell your business. You will discover that, with Transworld’s assistance, you can have a successful experience purchasing and owning your own business.
