How to buy a business- 10 general steps to buying any business Part 2

How to buy a business- 10 general steps to buying any business Part 2

In the first five steps of how to buy a business, we covered getting your team of professionals together, figuring out what type of business to buy, researching related businesses for sale, conducting a thorough investigation of the businesses interested in, and last but not least –valuing the prospective businesses to buy.
In the last five steps of this how to buy a business series. We will be covering how to make a knowledgeable and reasonable offer, negotiating the business buying and selling deal via proper documentation, creatively arranging the finance of the business buying and selling deal, arranging and satisfying all additional closing terms and agreements, closing the entire business buying and/or selling venture.

Step 6-

Making an enticing offer-
The sixth step is making an offer to the business seller. This is achieved by outlining all agreements, criteria, issues, all based on a specific deadline and written out and presented on a legal letter of intent. To complete this process, the business buyer and business seller will need to come to a general formal agreement on price and terms of the business buying and selling deal at hand.
Some common mis-conceptions about buying a business would include the actual pricetag of the business. A business buyer is obviously looking for the best deal, but, the terms in which you negotiate and come up with in this step of the business buying deal, will usually determine the success rate of the new business owner. What I mean is, if you beat down the old owner of the business on the price and have absolutely no contingency where they can help consult, oversee, and train you in the successful ways of their business- you will more than likely drive the business right into the ground. So don’t be such a cheapskate when it comes to making an offer, many a times business buyers are willing to accept a higher price tag in exchange for almost 100% guaranteed success via the old owners successful strategies and practices. Keep in mind how you structure the deal , always pay strict attention to tax ramifications and also the assets and stocks. This is a very diversified and complex process in itself and should be overseen by trained professionals at the very least.

Step 7-
Proper legal documentation-
The whole entire process of buying or selling a business always reverts back to hard facts, numbers, data, and history. The amount of research, paperwork, legal contracts, documents, purchase agreements,and worksheets can tend to be quite overwhelming.
Once a formal agreement has been reached, the process of filling out and structuring the purchase agreement comes into play.
The key bargaining factors are-
Price, how the deal is structured( think creatively now), the business sellers criteria and liabilities, criteria and processes of closing, and the final conditions to closing the business deal. During the last few final steps and processes things can get a little intense between buyer and seller as there are usually numerous liabilities that are often left open ended which can in turn, cause a “meltdown”, if you will.
Both the buyer and seller must come to a very detailed closing arrangement, where all the liabilities and criteria are covered until the business deal closes. Bearing this in mind, always try to be as flexible as you can when structuring the deal. It is always about compromising, you give a little to get a little(or a lot). If the buyer and seller both want to strike a fast, successful, profitable, and stress free deal , they need to both work hand in hand with each other as this should always be the beginning of a great business relationship.

Step 8-

Creatively financing the deal-
When it comes to the actual financing of a business, there are many creative and very flexible methods you can use to strike a very lucrative and flexible business brokering deal. Obviously , the larger the business the more funding sources are usually needed , always keep in mind creative and flexible terms that can lower actual purchase costs. Most larger business brokering deals or mergers and acquisitions, are creatively financed across multiple investment companies, banks, insurance companies, venture capitalists, etc, etc. Most small business buying and selling deals are almost all the time creatively financed and usually most of the financing is provided by the seller of the business at hand.
All in all there are a myriad of ways to finance and strike a very lucrative and flexible business deal worldwide, you just have to know how to look and how to work the deal. This is how many people become very successful, they persevere towards their goals with the proper knowledge , and ultimately achieve their financial dreams.

Step 9-

Meeting all closing criteria and conditions-
While many business buying and business selling deals are creatively structured, financed , and executed- there are still many additional criteria that have to be met before closing the business deal. In most cases, the buyer and seller are both well aware of these closing conditions in advance , and work together to complete these issues before the actual closing date. Some of these conditions could be acceptance of the final due diligence investigation, proper final review and revisions, written approvals and consents from all related parties, pending litigations, etc, etc.

Step 10-

Closing the business buying deal-
Come closing day, all of the terms, criteria, conditions, documentation, research, contracts , and deadlines should all have been completed and to satisfactory and legal standards. What usually happens next is all of the pertaining parties and their professional representatives gather and review all documentation, contracts, bill of sales, consent forms, stock information and certificates, and all other applicable pertaining information . Once all final documentation has been approved, the pens get to signing contracts, finances paid, and then the business finally transitions to the new business owners.
These are the last five of ten general steps to buying or selling a business. Obviously there is a plethora of more information and our exclusive how to buy and sell businesses training package will guide you through thick and thin of a business buying and/or selling venture. Learn in depth, both sides of the business buying and selling venture to ultimately safeguard your financial future today!
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Business Brokerage Secrets Revealed

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How to sell a business

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How to buy a business- the 10 general steps to a successful business buying or selling deal

How to buy a business- the 10 general steps to a successful business buying or selling deal

When going into a business buying or selling deal , there are typically 10 general steps or processes that are involved. These ten processes or steps are quite deceiving , as each of these steps are all very intricate ,quite complex , and very confusing to any inexperienced person. To the experienced person or well informed person, these ten steps can still be very complex and stressful , but ultimately a lot less time consuming and a hundred times more probable to succeed.
Follow these ten general steps to a successful business buying deal-
1- Acquire a professional team of referred advisers-
Before anyone considers doing anything in regards to buying or selling a business, it is highly advisable to procure a highly professional team of legal advisers, accountants, tax adviser, and a business broker. Even if you plan on acquiring a business privately or selling a business privately, you should always go the extra mile and consult frequently with your entire advisory panel every step of the business deal. They will help guide you in the proper directions, answer important questions, clarify things that need to be clarified, review all legal documents, review all financials, and ultimately safeguard the business deal as much as possible for both the buyer and seller.
2- What type of business to buy-
Deciding on what type of business to buy is usually the hardest question to answer because people all to often dream about doing what they love for a business , when realistically your goal is to find a diamond in the rough , a business that needs some new life breathed into it. Emotions always run high when deciding on what type of business to buy as people take this decision all to personal and seem to always forget the bigger picture, MONEY! A business buyer should have a good idea in mind of what type of business they would like to buy, but they should also keep in mind how big of a business do they want to buy ,how many employees do they want to operate, do they want to run multiple locations, how large of a business do they want to manage and run on a daily basis, etc, etc. When buying a business, you more than likely end up buying a business that you know absolutely nothing about and typically never would have imagined owning and operating . If this is the case(and it usually is) , always make sure you keep vital employees on board and also try to negotiate a deal where the owner stays on somehow as a type of personal business consultant for some amount of time. This will ultimately safeguard your success with the new business purchase while going a great personal relationship with the prior and knowledgeable business owner.
3- Finding a Business To Buy-
When it comes to finding a business to buy, there are numerous avenues you can take. You can research local newspapers, ads, business brokers listings, research websites online, investment bankers, industry sources, industry suppliers, business owners,etc,etc. Think outside the box when it comes to finding a business for sale, sometimes just networking with the proper people will land you the best deal ever.

4- Due Diligence & research process of business
This is one of the most crucial steps in a business buying or selling venture. Conducting thorough, and I mean thorough research and due diligence processes, is the only way to gauge and value a business. These complex and very complicated processes of research, data collecting, and data crunching are all criteria which should never be taken lightly and should always be double and tripled checked by your “advisory panel”. Some of the crucial information and records you would ultimately want access to would be years of financial, statements, profit and loss statements, tax documents & records, pending & past lawsuits, detailed lists of all assets, detailed lists of clients & suppliers, research on all pertaining competition, internal employee relations & benefits documents, copyrights info, stock & investor documents, trademark info, patents info, all pertaining local & federal regulations & standards documents , possible environmental liabilities, past-present-future developments location close to physical business location which could possibly effect future success of business, etc, etc . The list goes on and on, your main goal is to research and uncover any past ,present, and possible future outcomes which can ultimately effect the prospective business from succeeding in the future. You are kind of like a detective, you want to find out any and all reasons why the business owner is selling their business, in retrospect, the business seller should also do research on the prospective business buyer.
Throughout the buying or selling a business process, there are usually different stages to a complete and thorough due diligence process and evaluation.
5- Business valuation- valuing the prospective business
During any business buying or selling venture , there is a process called valuing a business or business valuation, this is the process of approximately appraising or estimating the value of a business in its entirety and in a very specific manner. This is obviously another crucial key factor in any business buying or selling business deal and it is highly suggest that both the buyer and seller conduct their own due diligence and business valuation processes.

The business valuation process typically includes general rules of thumb and set business valuation formulas used to project and calculate accurate approximations currently and in the near future, all based on specific assumptions and criteria. The actual business valuation is comprised and calculated based off of your preliminary due diligence research processes , data , and reports. SO as you can see, properly conducting your due diligence and research processes thoroughly comes full circle in the business valuation. Keeping this in mind, the other party of the prospective deal is more than likely doing their own due diligence and seeking their own business valuation as well. The business valuation is never the actual price the business will be bought or sold for , but more so used as a gauge for both parties as a type of bargaining or leveraging tool.

So ultimately you need to conduct a thorough due diligence process in order to get an accurate business valuation, which in turn, will lead to a much more profitable business venture for both parties.

Stay tuned for part – The final 5 processes when buying or selling a business…
Learn how to buy and sell businesses with next to no money down and how to creatively finance a business buying or selling deal so that both parties win!!!
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Business Brokerage Secrets Revealed

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How to sell a business

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How to buy a business- Libin & Katz Business Brokerage Firm Releasing Exclusive Training Package to the Public

How to buy a business- Libin & Katz Business Brokerage Firm Releasing Exclusive Training Package to the Public

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How to Start a Business ? – Learn How to Buy a Business Now

How to Start a Business ? – Learn How to Buy a Business Now

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How to sell a business

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training package for buying a business

how to buy a business-Business Brokers Secrets Revealed – A once in a lifetime pre launch event

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“how To buy a business “& “how to sell a business”-“business valuations" and "business appraisals"

“how to buy a business“ & “how to sell a business”-“business valuations" and "business appraisals"

What is a “business valuation”?
A business valuation is a complicated and complex set of rigorous research and data crunching processes used to very accurately “appraise a business” or “value a company” and it owners interests and assets in the business. A business valuation is used to properly and legally appraise and estimate a business very accurately ,which in turn, is used as a gauge and determining factor in any “business buying” or “business selling” deal. These business valuation and business appraisal reports let also are used for numerous other purposes other than buying or selling a business, Sometimes business appraisers are hired for other purposes whom then use these business valuation reports for a myriad of obvious legal issues, tax issues, adding a partner to the corporation, selling of a partners ownership stake in the corporation, business loans, and a number of other legal and business uses.

When valuing a business, the first steps in this complex and time consuming process, you must first determine the definitive reason(s) for the actual business valuation. This part of the process is what is defined as the “business value standard” and the “premise of value”. The “business value standard” can be best explained as the terms or conditions of the business to be appraised and valued. The “premise of value” can best be described as the “more than likely” outcome of the business in the near future or the valuing of a business by means of calculating the market value for ALL assets minus all related debt.

“Business valuations” are perhaps one of the most important aspects of any business buying or selling opportunity, due to this sole fact, both parties of the deal should each seek out their own “business valuation” in order for the deal to go much more smoothly and efficiently. Determining the fair market value of the business brokering deal at hand will help both sides achieve a common negotiating ground while uncovering all future possibilities and capabilities of the actual business at hand.

Now keep in mind that when buying or selling a business, the business valuation and due diligence processes should never be rushed through or expedited, as rushing to get through these processes will make your success rates drop dramatically. Another important piece of information to consider when buying or selling a business, always understand that business valuations, business appraisals, and due diligence are all geared towards collecting research, collecting data, and crunching numbers and variables to approximate the value of a business and the success rate of the business as well.
A “business valuation” goes hand–in-hand with the “due diligence” processes of a business buying or selling venture. These critical and very important processes include but are not limited to economic conditions, location of business, financial analysis, normalization of financial statements, income; asset; market approaches, discount or capitalization rates, capital asset pricing model, weighted average cost of capital, build up methods, asset based approaches, market approaches, guideline public company method, transaction method or direct market data method, discounts and premiums, discount for lack of control, discounts for lack of marketability, in depth restricted stock studies, option pricing, pre IPO studies, applying the research and data, and last but not least-compiling and crunching all the numbers, data, variables.

This is just the beginning…

As you can see, proper and thorough preparation, research, learning, and practicing both sides of the proposed business venture at hand is by far the best route to take. You will ultimately end up saving yourself lots of time, effort, stress, aggravation, and most importantly money.
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Businessbrokers

how to by a business

How to sell a business

buy a business