PROCESS of buying a business

To open a printable form of the process below click here.

1	Enquiry Made on a Business through Barker Business Brokerage (BBB)

2	CA (Confidentiality Agreement) is signed and returned to BBB to ensure the confidential nature of the business information is maintained. We must have a completed individual form for each and every business.

3	The broker contacts the interested party by phone or e-mail with the basic business details, but not the full Information Memorandum (IM) to ensure we qualify the purchaser on our clients behalf and maintain as much business confidentilaity as possible

The interested party decides if the business could be right for them from the basic information and makes an appointment to come into BBB (17 Corinthian Drive, Albany) to view the IM (Information Memorandum) including financials. The interested party can then keep the information and take this home to investigate further. The IM usually includes the P&L of the business, a plant list and general business information as compiled by BBB and the business vendor.

5	The interested party does their homework on the business and decides if they would like to proceed on purchasing or requests more information to make an informed decision. This includes making sure their finance is in place to purchase the business.

6	If interested; A meeting is scheduled to go through the Business premises, meeting with the vendor and asking any basic questions on the business. Usually this takes 30-60 mins but is flexible.

The interested party makes an offer on the business, subject to Due Diligence (DD) (usually 10 working days is standard) which involves a thorough financial inspection on the business. The interested party also pays a deposit to the BBB Trust Account (10% or a minimum of $15,000) which is refundable if the DD does not stack up.

8	Congratulations, you are now on the way to becoming a proud new business owner.

Barker Business Brokerage MREINZ
Licensed under the Real Estate Agents Act 2008