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Buying: Steps in the Process

The First Step

Sign an agreement of representation with JSBS to assist you with the purchase. We discuss your purpose and goals for the purchase, and establish important issues to consider when selecting a business to buy.

Initial Contact

After researching and locating interested, appropriate companies, we will provide a few salient features of the selling company, without identifying the seller, to determine your initial interest. The sellers name is not revealed until you have executed a Confidentiality Agreement.

Confidentiality Agreement

Since sellers are (rightly) concerned about confidentiality, we will ask you to sign a Confidentiality Agreement.

Preliminary Information

We will provide you with preliminary information about the seller's business. This will contain some basic outline information on the business such as: financial highlights, operating area, reason for sale and any other major items of importance. From the preliminary information provided, you should be able to determine your level of interest and whether you want to proceed.

Detailed Documentation

If you have a strong interest in a particular company, we will supply you additional required information and schedule an on-site appointment, if desired.

Letter of Intent

The next step is to make an offer, subject, of course, to verification of all the information received. The main purpose in making an offer is to see if the seller will accept your price and terms. The offer may be verbal, and when there is a meeting of the minds, we will assist you in formalizing the offer via a Letter of Intent (LOI). When seller agrees and signs off on the LOI it will become the basis for the Purchase Agreement.

Due Diligence

The goal of due diligence is to verify the information which the seller has provided.

Purchase Agreement

With the seller's concurrence, your attorney will draw up the Purchase Agreement. This may occur simultaneously with due diligence. The Purchase Agreement may be signed contingent upon successful completion of due diligence, or it may be signed after due diligence is satisfactorily completed.

Closing

This is the final step. It may be done in person with attorneys present or over the phone. Documentation is exchanged, funds are paid and you, the buyer, then owns the business.




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