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How to buy a business

Buying a business can be a daunting task even if you are an experienced entrepreneur

Check out our 8 Step business buying process

 

You have made the decision to get out of your comfort zone by purchasing a business. Owning a business is the greatest way to build wealth and take charge of your own destiny. Congratulations for contacting NZ Business Brokers, let us help you on your journey.

We recommend meeting in person, however, if that is not possible due to distance, communication by phone, video or email can be effective. The process begins with us gathering detailed information about you, to establish your financial capabilities, your skills and experiences, and your personal life goals. This information helps us determine the best types of business to introduce to you.

We will explain the process and help you understand the realities of the current marketplace. We can guide you on how businesses are valued, the pros and cons of different business categories so you can review our available opportunities.

Check out the available opportunities and identify the ones of interest. We will provide you detailed information on those business. You can then review that information and upon confirming your continue interest we will arrange a site meeting with the owner so you can hear his/her story face to face.

Now that you have a identified a business that you would like to purchase, we will complete a draft Conditional Sale & Purchase agreement. It is important that your lawyer is involved in this process. Your offer is presented and which commences the negotiations between the parties.

This period provides you the opportunity to ensure the owner’s representations are accurate. NZ Business Brokers will coordinate the delivery of all the documentation required by your legal and accounting professionals so they can complete the investigation on your behalf.

Final preparations will be made for lease assignments, utility transfers, financing, merchant service accounts, stock counts and any other last minute preparations to make the transfer as seamless as possible. Your acquisition will usually be completed by your  accountant and lawyer with the signing of several documents and the payment of the balance of the purchase price.

Congratulations! Transitional training (Vendor’s assistance) by the seller may include meetings with employees and clients, technical education, computer updating, and other essential knowledge transfer. Transworld will be available to assist you with any questions or post settlement requirements you may have. Remember make the most of this time with the Vendor, it is your responsibility to transfer as much of his/her experience as possible during this period.

The time to begin planning for the future sale of your business is day one so Transworld will still be here to help you position your business for future sale. You will likely have additional questions during the buying process. Please do not hesitate to have us with any part of this process