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Buying a business is a process that is time consuming and can be very
frustrating without a professional broker to guide you through it. At New Deal
Associates our main concern is to educate our buyers in the process of
purchasing a business, we walk with you step by step through the entire
process, the following will give you a very basic understanding.
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Meeting and Interview
We like to get to know you and your needs for purchasing a business by
personally meeting with you.
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Confidentiality Agreement
Each buyer is require to sign a Confidentiality Agreement to protect all
parties concerned in the process. This is usually signed at the initial
meeting.
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Identifying the Right Business
Once one or more businesses have been Identified that may be of interest, we
will further discuss the opportunities with you.
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Showing the Business
Once you have identified what may be the best business opportunity for
you, we further discuss the possibility by meeting the owner, answering
financial and operational questions that you might have.
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Offer or Letter of Intent
This stage is when an initial offer to buy the business is made. There may be
back and forth negotiations that take place until all the general terms of the
purchase are agreed to.
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Due Diligence
This is the most important aspect of the purchase for the buyer. You
are asked to study the business in as much detail as possible in order to
satisfy yourself and your advisors that the business is what you expected. If
you are satisfied with your findings in due Diligence we may proceed to
closing.
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Settlement
The settlement is the final process in the business purchase phase. An attorney
or attorneys for the buying and selling parties draw up and complete the
documents necessary for finalizing the purchase. When all terms are agreed to
and a lease is approved through the landlord of the property (if applicable),
all parties finalize the purchase and the business is transferred at a formal
closing.
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