Business Advising for Purchasing an Existing Business

Purchasing an existing business is an exciting time for new Entrepreneurs! Our goal is to help you get started successfully. So, before you meet with an advisor, you must complete the items outlined below:

1. Do your homework
We encourage you to speak to an attorney

  • Consider signing a nondisclosure agreement with the seller. This allows the seller to turnover to the buyers all financials confidentially.
  • Obtain 3-­5 years of financials from the seller
  • This includes business tax returns and the ending balance sheet for each year, P&L’s, cash flow and a copy of the business plan if they have one.
  • Be prepared to share monetary information
  • Your advisor will need to know how much cash is available to put down as well as how much collateral you have available.

Other:

  • Obtain the purchase price for the business
  • Obtain an inventory list for the business
  • Obtain an asset list for the business
  • Obtain any lease agreements

2. Upload directly to your client file

  • Log in to your client file
  • Go to My Documents in the left hand menu
  • You’ll see a blue arrow and Upload ­ click there to share your document(s)
  • Email harley.hedlund@aksbdc.org once these steps have been completed.

Once your advisor has reviewed and approved your materials we will schedule your  confidential, no-cost appointment.