The 20 steps to have your own Business
1. Commitment. Your commitment to own a good business at a fair price, terms consistent with the marketplace. You select Sunbelt Asia to work with you as we can introduce you to more good business opportunities than anyone. If we are successful in finding the business you like to own, our success fee is paid by the seller. Your fee is simply a smile and a "Thank you" for our professional help. We strive to have both the seller and you satisfied.
2. Disclosure. You approve the confidentiality paperwork for all the information which will be provided to you on the business we discuss.
3. Background information. You provide us with information about yourself, such as resume and financial statement. The more we know about you, the more likely we can find a business you will like, and, the more information we provide the seller, the better the terms they will consider. Your confidentiality is just as important as the confidentiality of the sellers. We will not disclose any of your information until a meeting between the seller, buyer and Sunbelt professional can be arranged.
4. Review. Your Sunbelt Asia business transfer specialist will review the businesses you are interested in and discuss the important factors of each.
5. Showing. You and your business transfer specialist visit the businesses you are interested in and discuss the important factors of each.
6. Meeting. A meeting among you, the seller and the Sunbelt Asia transfer specialist. This gives you the chance to ask detailed questions you may have about the business, and to describe your qualifications to the current owner.
7. Offer to Purchase. You submit an offer for the business you like to own. Earnest money is required to demonstrate your seriousness to the owner. Offers are contingent upon your inspection of the books and records of the business. And the offer is not binding until you remove all contingencies. The escrow funds are 100% refundable if any of your contingencies are not satisfied by the seller.
8. Present Offer. We present your offer to the seller.
9. Background. We give to the seller, your background and financial information, experience and point of view arriving at the offering price, plus terms and conditions. Favorable background information about you will result in favorable consideration of the proposal.
10. Explanation. We carefully explain the terms and conditions of the offer to both the seller and you and the decision makers.
11. Acceptance. The seller accepts the offer as it is written or writes a counter offer.
12. Mutual Acceptance. When you and the seller agree to all terms and conditions of the sale, the offer becomes a Purchase and Sale Agreement or the basis for an agreement.
13. Inspection. Your meet with the seller to examine the financial records of the business. You investigate the company by obtaining documents from the Commercial Registration Department of the Ministry of Commerce, The Memorandum of Association, The Articles of Association, The Directors' Certificate, Binding Signatory Power, Balance Sheet, List of Shareholders) We strongly advocate having your lawyer advise you on all the documents he would recommend for you and him to review.
14. Contingency Removal. You remove all contingencies in the agreement. It is now a binding contract for Purchase and Sale.
15. Lease Assignment. We work with the landlord to get an assignment of the current lease or a new lease satisfactory for you the buyer.
16. Open Escrow. We provide all necessary documents to the transferring agent so they can prepare the closing papers.
17. Lien Search. The escrow attorney performs a lien search on the business to identify any secured creditors.
18. Note and Lease Assumptions. We make arrangements to assign any notes or equipment leases.
19. Inventory. Arrangements are made for you and the previous owner to count and price the inventory (if required).
20. Closing. All parties meet to execute the final closing documents.
Congratulations!
With these steps you are now a business owner!