The spartan buying process
There is more to buying a business than finding a business broker’s website…
At SPARTAN, we believe that buying a business is a process and our years of experience have allowed us to develop that process. The most important aspect is finding a business that is a good fit for you – the buyer. It is an absolute disaster to buy a business and then wake up a few months later thinking that you don’t want to be in that business. You are now a business owner and, unlike being an employee, you cannot just give your two weeks’ notice and leave. You will need to find a buyer for the business and probably suffer a significant loss – both financially and personally. Therefore, let’s ensure that we get it right the first time.
7 Steps to Buying a Business
SPARTAN will work with you to determine what type of business best fits you. We will find out your strengths, weaknesses, and your financial resources, and then create a “concept” company that is ideal for you.
SPARTAN will develop a “shortlist” of targeted companies that fit your criteria and then contact those companies to gauge their level of interest.
Our team will meet with the potential seller, obtain non-disclosure agreements, and gather the relevant information required to enable you to make an informed investment decision. We also engage a Chartered Business Valuator (CBV) to determine the value of the targeted business.
SPARTAN will work with you to structure the deal, secure financing, and then work collaboratively with you through the negotiation process. We will then assist your corporate counsel in preparing a Letter of Intent (LOI).
Our team of professionals will assemble all pertinent information and coordinate the information flow between lawyers, accountants, and financing organizations.
SPARTAN will be there to facilitate the closing process and ensure there are no 11th hour surprises.
Your new business may need some help in the early stages with accounting systems and administration. SPARTAN and its affiliated company, Jasper Enterprises Inc., can provide aftercare support so you can concentrate on operating your new business.