Buyers & Seller Tips

  Tips On Buying Your Cape Cod Business

You may tired of working for someone else, looking for a career change, want to take full advantage of your skills and abilities, or have always dreamed of owning your own business. Now, as you prepare to make this big move, there are certain important steps you should initiate. Here are some tips on what you should do or anticipate as you prepare to buy a business.

  • Educate yourself about the realities of owning a business…talk with other business owners or read about the personal skills and characteristics required as well as the physical and emotional demands
  • Determine the type of business you wish to purchase…make sure it is one you will feel comfortable owning and operating
  • Analyze your personal and financial situation…be sure you have the time and financial resources to assume ownership of a business
  • Consult with professional advisors…alert your attorney and accountant about your plans

  • Prepare for the following typical Steps in Buying Process

    • Evaluate the businesses for sale
      Place a bid on the business you wish to purchase
      Negotiate a purchase price
      Execute an offer or letter of intent
      Perform due diligence on the business
      Sign a Purchase and Sale Agreement
      Secure financing
      Satisfy conditions to the closing
      Close the purchase

  • Be patient …buying a business is a major undertaking for you and for the seller; things
    do not always go smoothly, so prepare to be committed to keep the process moving