Login | Register | Contact    
Find Listing #      
October 22, 2017    

The Buying Process

SellingStores specializes in selling retail and service businesses. We've provided brokerage and valuation services for the retail industry for over 16 years. We have the experience, expertise and objectivity to answer retail and service buying questions. We match your needs, interest, and financial capabilities to the right business listing. One of our axioms is "we don't want to sell you something you don't want!" Our services are free to buyers, but we represent sellers and our agency relationship is with the seller. Of course, we have a duty of honest and open dealings with every we work with.  We help buyers through the process for the benefit of our client, the seller. To get the most from our website and services, please register and login with us.  It costs you nothing.

12 Steps to Buying a Business through SellingStores

  1. As SellingStores is honest and professional in selling retail and service businesses, we ask buyers to be equally honest and professional throughout the buying process and abide by the confidential agreement they sign.  That agreement is a contract between the buyer and SellingStores and will be enforced if needed. 
     
  2. You must sign SellingStores on-line Confidentiality Agreement and Disclaimer prior to receiving business information. This is done at the convenience of your computer, no paper or faxing required. All proprietary business information must be kept confidential, including the business name and address. Before a purchase agreement is drafted, the Buyer should not discuss the business sale with anyone who is not bound by the confidential agreement, particularly the owner, employees, or customers. 
     
  3. You agree to visit the business as a customer and not reveal you're a Buyer to anyone at the business. 
     
  4. You agree to provide accurate information about yourself, such as contact information, experience background, types of businesses desired, geographic regions desired, and financial information. 
     
  5. On the SellingStores website, one can find all the neccessary information needed to determine if  the business is right for you.  If you like what you see on the website, then visit the business as a customer. If you have an interest, then call us.
     
  6. SellingStores schedules a phone conversation or on-site meeting with the Seller, giving you the chance to ask questions about how the business operates and to discuss your qualifications with the Seller. 
     
  7. You agree not to discuss price and terms with the Seller. 
     
  8. Once satisfied, you make an offer with contingencies to purchase along with a good faith deposit. The most common contingencies are:
     
    • Financial due diligence and verification.
    • Transferring of existing lease or negotiating a new lease.
    • Financing, if required.
    • Inspection of the fixtures and equipment.
    • Transfer of Alcohol License, if any.
    • Approval of Seller's Disclosure Statement.

    You can have your attorney draft the purchase agreement or SellingStores can draft the purchase agreement on a SellingStores exclusive Retail and Service business purchase agreement. 

  9. The offer is presented to the Seller and the Seller rejects, accepts or counters it. 
     
  10. A bulk sale escrow is opened and the contingencies to purchase are diligently tackled by the Buyer and Seller. SellingStores manages the escrow process and assist the Seller, and on behalf of the interest of our Seller, we help the Buyer meet all the closing requirements to complete the purchase. 
     
  11. When contingencies to purchase are removed, the bulk sale process is initiated. This included the publication process as well as the creditor clearance process.
  12. Signing of the escrow/closing documents occurs just prior to closing. At this time the balance of the purchase price plus inventory and closing costs is deposited into escrow. The two parties sign escrow documents. Inventory is counted the night before closing. And the deal closes.

Don't Forget to ask the SellingStores agent for the "Important Points about Buying a Restaurant" brochure.

Call us at 800-576-3615 if you have any questions.

Thank you

Mel Jones

President & CEO

SellingStores

Buy a Business | How To Buy a Business | Businesses For Sale/Lease Classifieds | Sell a Business | Business Broker | Terms Of Use
© 2017 Powered by BBMT Inc. Web Site Architecture by WebData Intel