Business Buying Process
First, You have to determining your investment. Usually minimum down payment made by the buyer is 30% of the purchase price. For example, if the business purchase price is $100,000 and loan amount is $70,000 (70%), then the buyer’s down payment needs to be $30,000 (30%). Other possible expenses are inventories, supplies, escrow fee, license and permit fees, franchise transfer fee (if applies), etc.
And then you have to set criteria of desired business. Which includes location of business, type of business, price range of business, desired income of business.
After you decide your investment amount and criteria of business, you will need to find a right business that fit your needs. You can search business through online business listing service site like Business For Sale, local newspapers, or through local business brokers or real estate agents.
If you find a business that you want to purchase, you will need to evaluate the business through current owner’s income information and your projected income for short term and long term.
And then you need to make decision to purchase business or not. If...
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