If you are motivated by personal accomplishment, stimulated by challenge and want freedom to make your own decisions, then business ownership is for you!  When entrepreneurs buy a business they buy much more than the inventory, equipment and fixtures. They buy a new lifestyle or an opportunity to expand into new markets.

 

We are committed to marketing quality businesses to qualified buyers.  By helping you get the most education up front, we can make quality, hassle free transactions.

 

We assist buyers in answering the following questions: 

 

We realize that finding and buying a good business isn’t easy and may be one of the most important decisions in your life. This website is designed to give you knowledge before starting your business search.   Most business brokers or intermediaries work for the seller and are paid by the seller. That means you can enjoy the luxury of their services at no cost. The intermediary is looking out for the seller’s best interests, so you should have experienced council to represent you in any transaction.

When you sign up for buyer alerts, or come in for an appointment to see a specific business, we will look over your financials first and also have you sign an NDA / CA.  When you sign a NDA, you promise to maintain confidentiality for all of the information provided to you on the businesses we review, discuss or present.

By completing the Buyer Profile, you are providing us with information about yourself including a resume, financial statements, and available capital to investment. The more we know about you, the more likely it is we can find a business for which you are qualified to acquire. The more information we provide to the seller and financing sources, the stronger your negotiating position.  This also shows your commitment to the process.

Together we discuss and review various types of industries and specific businesses, select some that appeal to you and which you are qualified to acquire. After signing the NDA, you have the ability to review confidential business profiles that summarize the business, its financial information, facility and lease information.

We present to you the businesses you are interested in and discuss the opportunity surrounding each. These initial presentations can vary from digital presentations in our boardrooms, to actual on-site visits.  It is critical to remember your NDA when visiting any business.  Remember knowledge that the business is for sale is highly confidential and you must be very careful to maintain this confidentiality during the visit.

Do I get to meet with the Seller? 

A meeting between you, the seller and your GBA intermediary may take place if you are interested in obtaining more information and seriously consider it as a possible acquisition. This gives you the chance to ask questions you may have about how the business operates and allow the seller to feel comfortable in who is acquiring their business

With the assistance of your GBA intermediary, the next step is to prepare an Offer to Purchase on our standard Purchase Agreement for the business.  A Letter of Intent may be used on larger transactions.  An Offer to Purchase or Letter of Intent will include an earnest money check along with contingencies that are to be satisfied during Due Diligence.

Who presents Offer? 

Your GBA intermediary presents your offer to the seller and takes the time necessary to explain the terms and conditions of your offer to the seller and their decision makers.

With your approval, your GBA intermediary provides to the seller your background, financial information, experience and point of view in arriving at the offering price, and terms and conditions.

The seller will either accept the Offer to Purchase as it is written, or will present a Counter Offer. Once buyer and seller agree to all the terms and conditions of the sale, sign all counter offers, and amendments (if any), you have mutual acceptance and it then becomes a Contingent Purchase Agreement

At this stage the examination of financial records and other operational information, inventory, management and lease reviews take place. The due diligence and inspection stages are critical for the buyer to confirm that what the seller has claimed to be is truthful and accurate, and meets the conditions of your offer.  See Due Diligence to get more info

You remove all contingencies as each is resolved or met in the Agreement. This is done in writing to the seller.

Your GBA  intermediary will send the Purchase Agreement and other documents to the escrow company or closing attorney who then drafts the closing documents and deposits the earnest money deposit into their trust account. Escrow is “open” as soon as both buyer and seller have signed the documents.  In Utah, the closing will take place at a title company with their attorney, and closing costs will be added to the final documents.

At GBA, we do a lot of this due diligence at the time the listing is taken.  However, it is strongly advised that the attorney for the buyer, or the escrow company, performs an additional lien search on the business to identify any secured creditors.  Liens to secured creditors will be removed prior to closing. During the lien search there will also be an investigation with state and federal tax agencies for tax clearances.

During the escrow period the buyer, with the aid of their advisors, will be obtaining liability insurance for the business, workman’s compensation insurance (if required), all necessary business licenses and permits, EIN/TIN (Employer Identification Number/Tax Identification Number), and form the appropriate business entity (corporation, LLC, etc).

GBA will have already spoken with the landlord and will already know what they require. The seller’s landlord may require the assignment of the existing lease or an entirely new lease.  You will, with the seller and landlord, obtain the necessary documentation for closing. This is another critical step and one of your remaining contingencies. It is important to provide the landlord with a complete personal financial statement, resume, and lease application promptly to ensure your new lease or assignment is complete in time for the closing.

Your GBA  intermediary will work with you, the seller, and an escrow officer/closing attorney to have any agreed upon notes and equipment leases assigned to you and your new corporate entity.

Arrangements are made for you and the seller to count and price the inventory if it applies to the business you are acquiring. If it is a large or complex inventory it may be necessary to outsource this function to an inventory service

 Signing of the final closing documents may be done at escrow, in person, or in many cases, via courier, email, or fax. These arrangements will be agreed upon by all parties prior closing.

If you purchase a franchise, please note that franchises often require additional training as you start the new venture. This is typically paid for by YOU after you transfer the franchise.  Sometimes the seller will stay on for a few weeks, or an agreed upon training time frame.  If it a non-franchise purchase, there can also be an agreed upon seller training time frame, which commences at the closing. The terms and length of seller involvement training is agreed to as part of the executed Purchase Agreement.