We've distilled the acquisition process down to these ten steps:

Step 1 - Our first meeting
At our first meeting we will clarify your goals, interests, income requirements, investment level, and time frame for getting into business. We will explore businesses that meet your criterea.

Step 2 - Review
You will review the information on the company or companies for sale. Check out their websites. Make a list of unanswered questions. Try to picture yourself growing this business.

Step 3 - Visit the business
If the business is open to the public, we recommend that you drop by - unannounced - to get the same treatment/impression that a customer would get. Imagine yourself running the company. You need to be able to picture yourself in the business before you take step 4.

Step 4 - Meet with the seller
If there is genuine interest in the company, you need to sit down face-to-face with the seller. A meeting will be arranged for you, the seller and the agent. This is typically held at the agentās office, or after hours at the sellerās place of business. This is the time to ask general to probing questions on anything and everything (but not the time to begin negotiations on price and terms!).

Step 5 - Preliminary evaluation
It is now time to review the information youāve received in greater detail. You may want to do your own projections of earnings for the next three years based on the history of the company and your anticipated improvements. You may choose to do some research into the general industry if you are unfamiliar with it. Make a list of all the changes you would make if it were your business.

Step 6 - Make an offer
Your agent will assist you in preparing a written offer. The offer will include continguencies which will allow you to confirm the information youāve received and to validate assumptions youāve made. Three of the most common contingencies are a continguency upon approval of financials, a continguency upon assignment or tranfer of the lease, and a continquency upon obtaining financing.

Step 7 - Agree on price
Your offer may often receive a counter offer. This document may go from seller to buyer several times until a price is agreed upon.

Step 8 - Due diligence
This is the time to look closely at the accounting records of the company, and to inspect the facility, equipment and inventory to insure that your expectations are valid.

Step 9 - Documents prepared for closing
You will receive a checklist from your agent that lists what to do to prepare for closing. An escrow attorney will draft all necessary legal documents to comply with the agreement that you and the seller have reached. Typically the buyer and seller share the closing expense.

Step 10 - Close and celebrate!
Close the purchase and begin your first day as the owner of your very own business. The seller will be available to assist in the transition of the business. Now you and your family are part of the American dream - you own your own business!