Buy a Business
Our Buying Process
Intro Call
This is where Anchor gets to know you better. We like to fully understand you and your buying criteria. This will allow us to better understand what listings we should pursue on your behalf. We will also go over who we are and how we differentiate from the rest of the business brokerages out there.
Education
We will go over the process of acquiring a business in detail. This will allow you to feel more comfortable at each step of the way. While there may be speed bumps, we want to ensure you are as prepared as possible. Lastly, we will discuss how to properly search for specific listings and determine preliminary valuations.
Making an offer
After conducting your research and valuations, you will present the sellers with a letter of intent (LOI) along with a good faith deposit, demonstrating your seriousness in acquiring the business. Note that LOIs are not binding but should only be used if you are genuinely interested in acquiring the business. The LOI will outline the offer price and structure of the offer.
Due Diligence
During the due diligence period, we will assist you in working closely with the seller’s legal and financial professionals to thoroughly review documents, contracts, financial statements, employee records, customer relationships, and other relevant information. The goal is to ensure that you have a clear understanding of the business and its potential, as well as to identify any potential issues that may impact the decision to proceed with the purchase. During this process, we will draw up the purchase agreement and set a closing date.
Closing
We'll conclude the process with essential tasks such as lease assignments, utility transfers, financing arrangements, merchant service account transitions, inventory counts, and any other last-minute preparations to ensure a smooth transfer. Your acquisition will typically be finalized with the assistance of an attorney, involving the signing of various documents and the settlement of the remaining balance of the purchase price.
Post Closing
At Anchor Business Advisors, our commitment extends beyond the closing. We're here to address any lingering questions you may have. Additionally, we possess the capability to provide ongoing services to support the stability and growth of your business. Feel free to reach out anytime—your success is our priority