It is at this stage that Provest can be quite invaluable. We will be there to answer any questions you might have or do the relevant research. Next, we will prepare an offer based on the price and terms you feel are appropriate. Typically, you will have final approval upon review of the actual books and records supporting the figures that have been provided. You will find out at this stage if the buyer will accept the price and terms you offered.
It is essential that you and the seller agree on price and terms. When the seller receives your offer, he or she can approve it, reject it, or counter it with his or her own offer. If you receive a counter proposal, you can accept or reject it.
Once a price and terms have been agreed up, “due diligence” is next. The burden is on you – the buyer – no one else. You have the opportunity to bring in outside advisors or do your own due diligence. If there are no areas of concern, you can allow the closing documents to be prepared and close on the purchase of your business. Welcome to the world of the self-employed!
