First and foremost, it is your decision to pursue the possibilities of buying a business or restaurant. It is highly recommended that you deeply analyze your reasoning for this pursuit. Your decision should not only be based on your passion, but your experience and financial capabilities that will lead to a sound fiscal investment and rewarding experience. Print and review Buyer Profile Form
The Steps to Buying a Business through Carmel Business Sales
1. Upon your initial inquiry regarding a business, CBS will email or fax you a Confidentiality and Non Disclosure Agreement, to be completed and returned.
2. A CBS agent will then contact you via phone or email to present you an overview of the business opportunity and basic financial performance.
3. Once interested in the business, an appointment is scheduled at our office. We maintain comprehensive files on each listing, which includes copies of leases, financial statements, tax returns, asset list, and a wide variety of other data pertinent to that business or restaurant.
4. A personal visit and inspection of the business is then scheduled. The availability of the Seller to meet with you in answering detailed questions is set aside if you so choose.
5. Once satisfied, your offer is written on a California Association Real Estate Business Purchase Agreement document (9 pages). It includes contingencies for your protection which may include:
- Financial due diligence and verification. *
- Transferring of existing lease or negotiating a new lease.
- Financing or Loan if required.
- Inspection of fixtures and equipment.
- Transfer of alcohol license if applicable.
* It is strongly recommended by CBS that you retain a professional CPA and/or Attorney to protect your interest during due diligence.
6. You will be required to submit the following upon making an offer:
- Earnest money - usually $10,000 to $25,000, based on price of business.
- Submit a personal financial statement and business resume for the Seller to review.
7. We present the offer to the Seller who accepts, rejects, or counter offers.
8. Once the transaction is ratified the due diligence period begins.
9. Upon landlord approval and due diligence period satisfied - All Contingencies are then removed. The escrow attorney then begins the bulk sale process, fictitious business name filing and tax clearances.
10. The Balance of Funds is deposited into escrow. Closing documents are reviewed by Buyer and Seller. Final documents are signed, final monies are dispersed, and the Buyer is given the keys!
Your Dream Is Now A Reality!!!
CONGRATULATIONS!
