The Buying Process Call Toll Free (866) 746-0698

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AIM Team Business Brokers are here to help when you are ready to buy a business.

AIM Team Professional Business Brokers are here to facilitate the process of buying a business so that you are always aware of the next step in the transaction.

Here are the typical steps in buying a business:

Qualification / Disclosure
Pending buyer qualification, an agreement is signed promising to maintain confidentiality for all the information provided on the business discussed. We will also ask you to complete our Buyer Profile, so that we can learn more about you.

Find a Business
If you contacted the AIM Team about a specific business, then you will be presented with the information pertinent to that business. Perhaps you have made the decision to become a business owner and are looking for some guidance and available business opportunities. We will discuss and review some of the business in our portfolio that meet your requirements, and begin an ongoing search of new business listings for you. You may Contact Us or complete your Buyer Registration to commence this free business listings search.

Business Introductions
We introduce you to the practices you are interested in by providing detailed listing profiles, and discussing relevant factors and valuation considerations of these businesses. Keep in mind that Buyer Confidentiality is protected at all times, and limited financial information is given to the business seller until a Letter of Intent (LOI) or an Offer to Purchase is submitted.

Meeting
One or several meetings between you, the seller, and your AIM Team business broker will occur. This gives you the opportunity to get more detailed information about the listing and get your questions answered, as well as give the seller the opportunity to get to know you.

Offer to Purchase
Together, we will prepare the Offer To Purchase. This contains the offer price, length of owner training you would like, level of owner financing you request, and other terms of the sale. This Offer becomes the instrument of negotiation. This offer is not binding until all contingencies stated in the Offer to Purchase are removed.

***Owner Training TIP***
It is usually beneficial to include as part of the agreement that the seller will stay with you a sufficient length of time at no charge to teach you the business. Typical agreements call for 30 days or longer, with another 30-60 days of telephone consultation. If you want the seller to stay much longer, consider offering a consulting fee arrangement.

AIM Team Business Broker Presents Offer
We present your offer to the seller along with your background, financial information, and experience. We present to the seller relevant points considered in arriving at your offering price, terms, conditions, and all pertinent information to result in favorable consideration of your offer. This offer will be accepted, countered, or denied.

Mutual Acceptance
Upon acceptance and agreement of all terms and conditions of the sale, earnest money is usually required to demonstrate your seriousness to the seller, and the Due Diligence period commences. Offers are contingent upon your inspection of the books and records of the business. Any required landlord approval, bank financing, franchise approval, and any other contingencies specified in the agreement must also be satisfied to make this offer binding.

Due Diligence
Due diligence is usually limited to 10 business days from the time the seller provides the information you request, yet may take longer if a specialty license (such as franchise approval) is involved. During this period, the buyer verifies what has been stated about the business and contacts the landlord to get an assignment of the current lease or a new lease. A sample list of some topics that you may select to review are listed below:

Financial & Accounting Matters
Receivables (if included in sale price)
Liabilities
Budgets and Forecasts
Organizational Matters
Litigation
Regulations & Permits
Intellectual Property
Taxes
Material Agreements
Sales & Marketing
Insurance
Employee Compensation & Benefits
Environmental Matters
Supplier Relationships

If after the due diligence period the buyer is not satisfied with the contingencies, then the buyer can either renegotiate or withdraw the offer. A final Purchase & Sale Agreement can be negotiated at this time with the assistance of the AIM Team business broker and optional legal counsel of the buyer and seller.

Outside Advisors
Now is the time to bring in any advisors you may want to use. While your business broker can walk you through the steps of the process, we strongly recommend consulting your attorney and accountant to help verify information provided to you during the Due Diligence process and to review the legal documents.

Open Escrow
We provide all documents to the transferring escrow agent so the final closing documents can be prepared. These documents may include a bill of sale, note and security agreement, closing statements, non-competition agreements, and leases. Escrow is primarily for the protection of the buyer, and ensures that funds are released to the seller only upon successful completion of due diligence and all other contingencies.

Inventory
Arrangements are made for you and the seller to count and price the inventory (if required).

Transfer of Ownership
All parties sign documents.

CONGRATULATIONS!
You now own your business!

What is the Next Step?

Please Contact Us to speak to a qualified AIM Team business broker representative. Or, to begin our free personalized business listings search, please complete our quick and confidential Buyer Contact Form, and an AIM Team professional business broker will contact you shortly.