Finding a Business to Buy- Taking Action

Just some quick words today on what to do once you have found a listing of a business you would like to consider possibly buying.

If you see something you like, take the next step in getting more info from the Seller or Broker. You will most likely need to sign a non-disclosure form. If a Brokerage gives you this form, you will only have to sign it once and it will carry over to every listing they show you.

Respect this short but very legally binding document. It should basically state that you will be receiving confidential information and you agree to keep it confidential. Confidentiality will also mean not exposing the for sale status to any employees, vendors, customers, etc.

Lastly, if this form comes from a Broker, it will have a circumvention clause that states if you try to pull a fast one and go around the Broker after you have this vital information, you will be caught (believe me you will). When that happens you, as well as the Seller, will owe money to the Brokerage company. It’s shady and not right so just don’t do it.

Remember that this is not a house or piece of property you are looking at. These are necessary measures taken to protect the livelihood of the person that owns the business as well as their employees. Understand the complexity and seriousness of purchasing a business and the rest of the process will go very smooth.


To Your Business Buying Success-

The Business Buying Guru