Buyers should spend a few minutes and answer the following questions and send the answers to the broker or brokers they choose to work with in finding the Right Business.
Coaching for Buyers
1. Type Buyer: Owner Operator ____ Investor_____
2. BRS, Business Requirements Summary:
Submit resume of related experience:
Cash Flow Requirement:
Down Payment Available: – could be letter from your Attorney.
3. Buyer Actions:
Prepare BRS and send to any Brokers you are working with!
Contact SBA thru recommendations of your Broker, get prequalified.
Become familiar with www.bizbuysell.com and www.sunbeltnetwork.com
Be prepared to sign an NDA on “each” opportunity.
4. Start “reading” about Business Valuations; good online sources.
5. Be familiar with Letter of Intent and Purchase Contracts so you will be prepared to make offers subject to contingencies.
6. All acquisitions are subject to a “Due Diligence” period usually 1-2 weeks.
7. Go direct to FSBO – For Sale By Owner – newspaper, bizbuysell, owners.
8. Bottom: Buy a Business You Will Love Being In! Money follows your Passion.
Call Cecil Dye, the Business Guy; a Certified Business Buyer Coach with Sunbelt Network; for an appointment.