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How to Buy a Business for Sale

The Steps to Buying a Business with First Choice Business Brokers (FCBB)

A blue circle with the number 1 inside of it.
A blue circle with the number 2 inside of it.
A blue circle with the number three inside of it.
The number four is in a blue circle on a white background.
A blue circle with the number 5 inside of it.
A blue circle with the number six inside of it.

Once you have determined you want to buy your own business schedule an appointment to meet with a First Choice Business Sales Professional.

During your appointment with your First Choice Business Sales Professional you will be asked a series of questions to help your Business Broker understand better what type of existing businesses for sale they should show you.

Know how much money you are working with. Some business owners will offer terms which means you can leverage the money you have to buy a larger business which will likely bring in a greater income. Be honest with your Business Broker so they know what businesses for sale they should show you. It is OK to receive money from a relative to help buy a business. Be prepared to provide proof of funds. Many Sellers won't disclose confidential details without knowing you are able to complete a transaction by seeing your proof of funds.

Have an open mind when looking at businesses to buy. There are so many different types of businesses for sale that you may not even be aware of. Your FCBB Business Broker will likely introduce you to businesses for sale in industries you have not previously considered.

Be prepared to sign a confidentiality agreement commonly referred to as a Non-Disclosure Agreement, or NDA. The NDA protects the Seller against Buyers who take their confidential information and start a competing business using that same confidential information. Business Brokers are required by Sellers to have this agreement signed before providing intimate details about the business for sale.

Once you determine you have an interest in a particular business your FCBB Business Broker will arrange a meeting with the Seller for you to view the business (often before or after the business's hours of operation) and discuss the business further directly with the Seller.

The number seven is in a blue circle on a white background.
A blue circle with the number eight inside of it.
A blue circle with the number 9 inside of it.
A blue circle with the number 10 inside of it.
The number 11 is in a blue circle on a white background.

After your meeting with the Seller your FCBB Business Broker will likely ask you if you would like to proceed to the next step in purchasing the business. By this time you may have seen the financials and are prepared to make an offer. If all the books and records have not been made available, you may still place an offer on the business and request that those items you would like to see be produced through the process known as "due diligence".

Writing an offer to purchase a business is not as difficult as you may think when you are working with a FCBB Business Sales Professional. Our experts utilize the most comprehensive proprietary Purchase Agreement in the industry. FCBB Agreements were designed to protect ALL the parties involved in the transaction covering simple items like the assignment of lease (for you to take over the business location) to more complicated issues such as key employee negotiations. You will be asked to give an Earnest Money Deposit (a.k.a. EMD) check typically in the amount of 10% or $10,000, whichever is greater. This check is not deposited with the third party closing entity until the offer is accepted by the Seller.

Your FCBB Business Broker will then present your offer to the Seller. If the Seller accepts your offer then you will move into the due diligence phase where you will have a chance to thoroughly review the items you requested to meet with your approval. If you do not approve of the information provided during the due diligence period, you have the right to withdraw from the transaction and receive your EMD money back.

Once your contingencies have been met and you have approved the due diligence items provided to you by the Seller, you will be asked to sign a release which will take you to the final step of the process which is closing/business transfer.

A third party entity (escrow/title company or transactional attorney) will prepare the final transfer documents and obtain clearances for taxes etc. so you are receiving the business free and clear of all encumbrances (except those that you may be taking over through your agreement such as a copier, leased phones etc.) . Congratulations, you just bought a business!

A blue circle with the number 1 inside of it.
A blue circle with the number 2 inside of it.
A blue circle with the number three inside of it.
The number four is in a blue circle on a white background.
A blue circle with the number 5 inside of it.
A blue circle with the number six inside of it.

Once you have determined you want to buy your own business schedule an appointment to meet with a First Choice Business Sales Professional.

During your appointment with your First Choice Business Sales Professional you will be asked a series of questions to help your Business Broker understand better what type of existing businesses for sale they should show you.

Know how much money you are working with. Some business owners will offer terms which means you can leverage the money you have to buy a larger business which will likely bring in a greater income. Be honest with your Business Broker so they know what businesses for sale they should show you. It is OK to receive money from a relative to help buy a business. Be prepared to provide proof of funds. Many Sellers won't disclose confidential details without knowing you are able to complete a transaction by seeing your proof of funds.

Have an open mind when looking at businesses to buy. There are so many different types of businesses for sale that you may not even be aware of. Your FCBB Business Broker will likely introduce you to businesses for sale in industries you have not previously considered.

Be prepared to sign a confidentiality agreement commonly referred to as a Non-Disclosure Agreement, or NDA. The NDA protects the Seller against Buyers who take their confidential information and start a competing business using that same confidential information. Business Brokers are required by Sellers to have this agreement signed before providing intimate details about the business for sale.

Once you determine you have an interest in a particular business your FCBB Business Broker will arrange a meeting with the Seller for you to view the business (often before or after the business's hours of operation) and discuss the business further directly with the Seller.

The number seven is in a blue circle on a white background.
A blue circle with the number eight inside of it.
A blue circle with the number 9 inside of it.
A blue circle with the number 10 inside of it.
The number 11 is in a blue circle on a white background.

After your meeting with the Seller your FCBB Business Broker will likely ask you if you would like to proceed to the next step in purchasing the business. By this time you may have seen the financials and are prepared to make an offer. If all the books and records have not been made available, you may still place an offer on the business and request that those items you would like to see be produced through the process known as "due diligence".

Writing an offer to purchase a business is not as difficult as you may think when you are working with a FCBB Business Sales Professional. Our experts utilize the most comprehensive proprietary Purchase Agreement in the industry. FCBB Agreements were designed to protect ALL the parties involved in the transaction covering simple items like the assignment of lease (for you to take over the business location) to more complicated issues such as key employee negotiations. You will be asked to give an Earnest Money Deposit (a.k.a. EMD) check typically in the amount of 10% or $10,000, whichever is greater. This check is not deposited with the third party closing entity until the offer is accepted by the Seller.

Your FCBB Business Broker will then present your offer to the Seller. If the Seller accepts your offer then you will move into the due diligence phase where you will have a chance to thoroughly review the items you requested to meet with your approval. If you do not approve of the information provided during the due diligence period, you have the right to withdraw from the transaction and receive your EMD money back.

Once your contingencies have been met and you have approved the due diligence items provided to you by the Seller, you will be asked to sign a release which will take you to the final step of the process which is closing/business transfer.

A third party entity (escrow/title company or transactional attorney) will prepare the final transfer documents and obtain clearances for taxes etc. so you are receiving the business free and clear of all encumbrances (except those that you may be taking over through your agreement such as a copier, leased phones etc.)


Congratulations, you just bought a business!

Frequently Asked Questions

Why First Choice Business Brokers (FCBB)?


With unsurpassed experience since 1994, offices across the U.S. and some of the most highly trained Business Brokers in the industry First Choice is the "Clear Choice" when it comes to choosing a Business Brokerage to represent you. Our Business Brokers are experts in the field of business evaluation, business sales, business marketing and buy/sell negotiations to satisfy both buyers and sellers alike.

 

How is my business for sale kept confidential?


Unlike the sale of a home or even commercial building businesses do not have a "for sale" sign. Business Sales must be kept confidential; all buyers are required to sign a NDA (Buyer Confidentiality Agreement) prior to detailed information about your business being provided. This helps to prevent employees, suppliers, customers and competitors from finding out that you are selling your business. 

 

How will my business be advertised?


With First Choice Business Brokers your business will be on the highest rated Websites specifically for your area as well as national and international sites. Other advertising mediums may be employed based on your type of business.

 

How do I know how much my business is worth?


FCBB's proven methods of valuing and marketing will put your business in the best possible position to sell. First Choice Business Sales Professionals are some of the most highly trained professionals in the industry.

 

How long will it take to sell my business?


The average properly priced business tends to sell in approximately 90 days however this time frame can vary greatly based on the income of your business (and how easy it is to prove), type of business, the terms offered and the area in which your business is located. Your local First Choice Business Sales Professional will provide you with more information on your local market.

 

Will Buyers be visiting my business?


After a Buyer has signed an NDA (Buyer Confidentiality), reviewed initial information and expressed a further interest in your business your FCBB Business Sales Professional will schedule a meeting for the Buyer to view your business at a time that is appropriate for your type of business.

 

How do Buyers write offers to buy my business?


Most Buyers looking at your business will be represented by a Professional Business Broker who will assist them in writing an offer that expresses their price, terms, contingencies (if any) and request for further documentation (if any). The offer will then be presented to you for your approval by your FCBB Business Broker and/or the Buyer's Agent.

 

Who will handle all the inquiry calls on the sale of my business?


Your First Choice Business Sales Professional is trained to deal with incoming inquires (often tire kickers) and help determine which of those Buyers might be ready to move to the next level.

 

Who will handle the negotiations on the sale of my business?


Your First Choice Business Sales Professional is trained to deal with negotiations on the sale of your business. Your FCBB Business Broker will help navigate you through the entire process; we'll be with you every step of the way.

 

How long will I have to train the person who buys my business?


This is a negotiable point but we have found that most Buyers will ask for 30 days. Some types of businesses only require a week or two of training while other more complicated businesses may require a longer familiarization period. If a longer period is required we often find that Sellers will negotiate a consulting fee for extended training periods. 

 

After I sell my business can I open another one at some point in the future?


All Buyers will ask that you sign a covenant not to compete within a certain area and/or time period.

 

Will I need to finance part of the purchase price of the business?


There is no requirement that you "carry paper" on your business however in today's market it is very common that Buyers will ask for some type of Seller Carry Note which in reality opens your business to a larger pool of Buyers.

 

When should I notify my employees that I am selling the business?


While you may have a close relationship with your employees it has been proven time and time again that the best time to tell your employees is when you introduce them to the new owners. This may be difficult for you emotionally however experience dictates that silence is the best practice. The exception to this rule would be if a "key" employee is part of the negotiation for the Buyer to keep them on after the sale is complete. In this case there may be some advance notice required to this person and this person alone. Your First Choice Business Broker will guide you through the proper timing for this very important part of the business sal- timing is everything!

 

Will my First Choice Business Broker qualify the Buyer by checking their credit?


First Choice does not check the credit of Buyers however through the offer and acceptance process you may request that the Buyer provide you with a copy of their credit report. This is not often asked of the Buyer as the property owner and/or landlord will likely be obtaining a credit report for their review.

How to Buy a Business for Sale

The Steps to Buying a Business with First Choice Business Brokers (FCBB)

  1. Once you have determined you want to buy your own business schedule an appointment to meet with a First Choice Business Sales Professional.
  2. During your appointment with your First Choice Business Sales Professional you will be asked a series of questions to help your Business Broker understand better what type of existing businesses for sale they should show you.
  3. Know how much money you are working with. Some business owners will offer terms which means you can leverage the money you have to buy a larger business which will likely bring in a greater income. Be honest with your Business Broker so they know what businesses for sale they should show you. It is OK to receive money from a relative to help buy a business. Be prepared to provide proof of funds. Many Sellers won't disclose confidential details without knowing you are able to complete a transaction by seeing your proof of funds.
  4. Have an open mind when looking at businesses to buy. There are so many different types of businesses for sale that you may not even be aware of. Your FCBB Business Broker will likely introduce you to businesses for sale in industries you have not previously considered. 
  5. Be prepared to sign a confidentiality agreement commonly referred to as a a Non-Disclosure Agreement, or NDA. The NDA protects the Seller against Buyers who take their confidential information and start a competing business using that same confidential information. Business Brokers are required by Sellers to have this agreement signed before providing intimate details about the business for sale.
  6. Once you determine you have an interest in a particular business your FCBB Business Broker will arrange a meeting with the Seller for you to view the business (often before or after the business's hours of operation) and discuss the business further directly with the Seller.
  7. After your meeting with the Seller your FCBB Business Broker will likely ask you if you would like to proceed to the next step in purchasing the business. By this time you may have seen the financials and are prepared to make an offer. If all the books and records have not been made available, you may still place an offer on the business and request that those items you would like to see be produced through the process known as "due diligence".
  8. Writing an offer to purchase a business is not as difficult as you may think when you are working with a FCBB Business Sales Professional. Our experts utilize the most comprehensive proprietary Purchase Agreement in the industry. FCBB Agreements were designed to protect ALL the parties involved in the transaction covering simple items like the assignment of lease (for you to take over the business location) to more complicated issues such as key employee negotiations. You will be asked to give an Earnest Money Deposit (a.k.a. EMD) check typically in the amount of 10% or $10,000, whichever is greater. This check is not deposited with the third party closing entity until the offer is accepted by the Seller.
  9. Your FCBB Business Broker will then present your offer to the Seller. If the Seller accepts your offer then you will move into the due diligence phase where you will have a chance to thoroughly review the items you requested to meet with your approval. If you do not approve of the information provided during the due diligence period, you have the right to withdraw from the transaction and receive your EMD money back.
  10. Once your contingencies have been met and you have approved the due diligence items provided to you by the Seller, you will be asked to sign a release which will take you to the final step of the process which is closing/business transfer. 
  11. A third party entity (escrow/title company or transactional attorney) will prepare the final transfer documents and obtain clearances for taxes etc. so you are receiving the business free and clear of all encumbrances (except those that you may be taking over through your agreement such as a copier, leased phones etc.) . 

Congratulations, you just bought a business!