Order the complete book, "Secrets to Buying a Mail / Parcel Business."
by James Baer

The following is an excerpt from the book "Secrets to Buying a Mail / Parcel Business" by James Baer

THE SEQUENCE OF EVENTS

Most business sales can be divided into several key “phases”, for either Buyer or Seller.  This volume has been organized in chronological order by each phase.  We’ll deal with each in considerable detail, but for now let’s simply list them:

1. Preparation.  Before beginning to look for a business to purchase,  it is important for you to do your homework so that you are well prepared for coming events.  In addition to investigating the industry and the business climate in the area in which you are interested, this means understanding what and why you are buying, and then assembling all the facts that will help to accomplish that. Often, by spending time on these matters now, you’ll actually save time later on (in addition to making the purchase move along smoothly).
2. The Search.  Having decided to buy, you should use all the tools that are available to you.  In a later chapter we’ll be discussing the ways in which you can learn of a possible sale.
3. Negotiations.  Once you’ve identified an interesting prospective purchase, you’ll do plenty of talking and observing, ask many questions, and ultimately make an offer.  The Seller may counter with some ideas of his own, and you may go back and forth a bit.  If all goes well, the two parties will tentatively agree on some basic terms, and the  matter should be reduced to writing so that both sides are bound.
4. Discovery.  Sometimes referred to as Due Diligence, this is the time that you, the Buyer, may want to look closely at the books, observe operations, take an inventory and work out a new lease with the landlord.  Once these items have been cleared, you and the Seller will have to address a host of details to insure that the transfer of responsibilities is complete.
5. Final Agreement.  Either you or the Seller will prepare a draft Agreement and present it to the other party for review.  Expect some negotiation, and some changes, particularly if either of you uses an attorney.  But try not to be negotiating on the Closing Date; attorneys may want to take that opportunity to flex muscle, but try to avoid this.  Closing should be a brief, pleasant meeting at which everything is signed, you provide a check and receive the store keys.
6. Training.  It is customary for the Seller to train the Buyer for a brief period (usually not more than 2-3 weeks) after Closing.  Later in this little book we’ll include a brief outline for training.

Order the complete book, "Secrets to Buying a Mail / Parcel Business."
by James Baer