Purchasing or selling an existing business is an exciting time for entrepreneurs! Our goal is to help you get started on the process successfully.
SBDC services are private, individualized, and no-cost, we just ask you register to work with us. This has you create an online client file as well as review our confidentiality.
As you prepare for your meeting, here are items that will give you an idea of what to expect:
- We encourage you to speak with an attorney
Consider signing a nondisclosure agreement with the seller. This allows the seller to turn over to the buyers all financial documents in a confidential manner
- Obtain 3-5 years of financials from the seller
This might include business tax returns and the ending balance sheet for each year, Profit & Loss Statement (P&L), Cash Flow Statement and a copy of the business plan, if available
- Be prepared to discuss monetary information
Your advisor will need to know how much cash available you have to put down, as well as information about potential collateral.
Other documents to consider if applicable:
- 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