How to Buy a Business in Florida
How to Buy a Business in Florida
The steps that every Buyer of a business in the US must take are:
- COMMITMENT. The Buyer expresses its willingness to acquire a business at a reasonable price and terms, consistent with the Market.
- NON-DISCLOSURE AGREEMENT. The Buyer signs an agreement committing to keep the confidentiality in relation to the information that will be provided about the business for sale.
- MARKET ANALYSIS. One of our Intermediaries will be in charge of presenting the potential Buyer with various specific business alternatives that fit their particular profile. The Buyer will choose at this level one or several businesses to be evaluated in depth.
- VISIT TO THE BUSINESS FOR SALE. Once an opportunity is selected, we coordinate a meeting with the Seller at the business headquarters. During this visit, the Buyer will have the opportunity to learn general aspects of the operation of the business and may ask the owner any questions he deems pertinent.
- BUY OFFER. Based on the elements provided, the Buyer draws up, with our assistance, a Purchase Offer or a Letter of Intent that expresses the conditions under which the proposed business would be acquired. Most of the purchase offers are conditioned to the verification of the figures contained in the accounting books, the transferability of the lease contract and the legality of the official operating permits, among other contingencies. The offer document is not binding until these contingencies are removed by the express consent of the Buyer.
- PRESENTATION OF THE OFFER. It is our task to present the Offer to the Seller, accompanying it with evidence that the Buyer made a deposit in a trust account for an amount equivalent to 10% of the amount offered. At that time we presented the Seller with the Buyer's profile, and we explained the reasoning that served as the basis for the Buyer to formulate the Offer.
- ACCEPTANCE. The Seller will accept the offer in the original terms or may counter-offer. When the offer is accepted by the Seller, the document becomes a purchase-sale agreement subject to certain conditions.
- INSPECTION. Almost all offers are subject to review and approval by the Buyer of various aspects related to the operation of the business, including financial statements. This review and analysis process is the most important step towards a successful sale. The Seller must also present all the licenses and permits inherent to the business and collaborate with the Buyer to clarify all their doubts regarding the business.
- CONTINGENCY REMOVAL. Once the Buyer's conditions are satisfied, the Offer Agreement becomes a binding Purchase-Sale Agreement.
- LEASE. In some cases, the Buyer must negotiate the transfer of the Lease Agreement with the Lessor. We assist the Buyer in the process of obtaining the assignment or signing a new Lease Agreement.
- CLOSING ATTORNEY/TRUST ACCOUNT. The Closing Lawyer is in charge of preparing, with our assistance, the necessary documents -promissory notes and other contracts to support the purchase-sale- for the closing of the operation and verifies the absence of encumbrances on the goods sold. In many cases, the Closing Attorney is the custodian of the funds deposited by the Buyer.
- INVENTORY. Our company is in charge of coordinating with the Seller and the Buyer the physical taking of inventories on the eve of Closing.
- CLOSING. The Buyer and the Seller meet to sign all the documents that prove the legal transfer of the assets as well as the commitments acquired in the future. Immediately after, the Buyer will be in full capacity to take possession of the acquired business.