The Steps to Buying a Business with Grayhill Business Brokers
Once you have determined you want to buy your own business schedule an appointment to meet with a GRAYHILL Partner.
- During your appointment with your Grayhill Partner you will be asked a series of questions to help us understand better what type of existing businesses for sale they should show you.
- Know how much money you are working with.
- Have an open mind when looking at businesses to buy.
- Be prepared to sign a confidentiality agreement commonly referred to as a Non-Disclosure Agreement, or NDA.
- Once you determine you have an interest in a particular business your Grayhill Partner will arrange a meeting with the Seller for you to view the business.
- After your meeting with the Seller your Grayhill Partner will likely ask you if you would like to proceed to the next step in purchasing the business
- Writing an offer to purchase a business is not as difficult as you may think when you are working with a Grayhill Partner.
- 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
- Your Grayhill Partner 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