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.
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.
Since sellers are (rightly) concerned about confidentiality, we will ask
you to sign a Confidentiality Agreement.
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
If you have a strong interest in a particular company, we will supply you
additional required information and schedule an on-site appointment, if
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.
The goal of due diligence is to verify the information which the seller has
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.
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.