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You have made the decision to control your financial future by purchasing a business. Owning a business is the greatest way to build wealth and take charge of your own destiny. Congratulations for contacting The MAG Group, you've selected one of the industry leaders! Now the process begins to help find and acquire the right business for you.
We begin our process by gathering detailed information about you to establish your financial capabilities, your skills and experiences, and your personal life goals. This information helps us gain your commitment to the process and determine the best types of business to pursue. Once this is completed, we will start your search using The MAG Group's considerable industry resources.
To make an informed decision you have to understand what it takes to buy a business. We will explain the process and help you understand the realities of the current marketplace. You will learn how to use online forms, how to read Business Listing Information sheets, and to understand basic valuation concepts.
We will help you search for your business, aid you in signing confidentiality disclosures, get you detailed information on the business, and set up showings with the seller. We will refine your business search and visit opportunities until you decide on a business to purchase.
We will share with you our expertise in deal structure, by helping you draft a contingent offer on a business that you would like to buy. A purchase and sale agreement will be presented to the seller with a deposit of good faith held in escrow to demonstrate your seriousness. After any negotiations, you should be left with an executed contingent purchase agreement to buy a business.
This period is where you fully inspect the owner's representations are accurate. We will coordinate the efforts of your legal and accounting professionals and strive to satisfy all contingencies. If there is financing involved your application must be approved by the lender, proving that you are qualified for repayment of the loan.
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Final preparations will be made for lease assignments, utility transfers, financing, merchant service accounts, inventory counts and any other last minute preparations to make the transfer as seamless as possible. Your acquisition will usually be completed by an attorney with the signing of several documents and the payment of the balance of the purchase price.
Transitional training by the seller may include meetings with employees and clients, technical education, computer updating, and other essential knowledge transfer. We will be available to assist you with any questions or post closing requirements you may have. Remember what you have learned throughout this process, because when the time comes, The MAG Group will still be here to help you sell your business.
Many additional questions may arise during the buying process. Please do not hesitate to have us explain in detail any portion of this process. You will discover that, with The MAG Group's assistance, you will have a successful experience purchasing and owning your own business.
Sellers require that we have the following information from fore we disclose any information on the business you are interested in, any prospective buyer
This document contains specific legal rights and responsibilities, and should be read carefully before signing it. The purpose of this document is to insure that any information you receive about this business, including the name and location and its sale status will be kept strictly confidential.
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