Heading 6Buyer Frequently Asked Questions
FAQ's when buying a business?
Do I need an attorney and an accountant to buy a business?
Buying or selling a business can be a complicated venture. While some businesses are sold without the help of accountants and attorneys, we strongly recommend that both the buyer and seller engage professions.
Where can I go look at what businesses are available to buy?
What will the process of buying a company cost me?
Transworld is generally paid by the seller not the buyer. However, other costs do come into play. Legal and accounting fees are generally required.
Will the current owners train me to run the company?
Depending on the complexities of the business, the former owner will offer varying levels of training. On most small businesses, the owner will offer the training for two to four weeks at no cost to the new owner.
How do I know that the
profit figures that the sellers claim are true?
As part of the acquisition process, you will have to go through "due diligence." During this period the seller is required to present documents to verify his profit numbers.
Will I have to come up with the entire purchase?
No, while 100% of the purchase price is sometimes required, sellers will frequently provide owner financing to some extent. Additionally, a bank may be able to loan up to 80% of the purchase price through a loan sponsored by the Small Business Administration.
How much money will it take to buy a small business?
Businesses vary in price based on size, industry, location and profit.
Please call/text Chris Scully 904-993-2908 at Northeast Florida Business Broker with questions.