Buying A Business In Utah

The Process of Buying a Business

When you use an intermediary to buy a business, you can be assured that the transaction will be handled in an efficient, professional manner. The intermediary works with the seller to provide you with the information you request during the due diligence process. This information helps you and your advisers make your own determination of what the business is capable of. If you buy a business that is not represented by a business intermediary, this information is often not made available to you in a timely manner.

When you contact a business intermediary to buy a Utah business, you can expect the following steps:

• Meet with a broker to help determine what you are looking for and what fills your needs.
• The broker will search through businesses for sale to find those that are a good match.
• You and the broker will discuss the businesses that match and will schedule a “tour” of those that interest you the most.
• During the tour, you can ask the seller questions about how the business runs.
• You will have another meeting with the broker to review the information you learned during the tour.
• If you have further interest and would like further information, now is the time to make an offer.  The offer will include contingencies that allow you to review items such as the financial information, the lease and non-compete agreements.
• Once you are satisfied with the information and the contingencies are lifted, closing documents are prepared by a qualified, neutral party, such as a transaction attorney or escrow company.
• A final inventory is taken.
• All parties meet for the final closing, the business is transferred and the training period begins.

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