Buying a Business
An interview is set up between the Buyer and a Lazarus Consultant, to establish the Buyer's criteria and determine his Financial, Technical and Business Abilities. In preparation for this initial meeting, the business buyer is required to complete our Buyer’s Profile Form .
The Buyer's criteria is utilized to identify potential acquisition candidates from the existing database. When various business names are disclosed, the Buyer will be required to sign a standard "Confidentiality/Disclosure" form, which is required by the business owner.
Upon the completion of the due diligence period, the Buyer and Seller are ready for the closing.
Lazarus assist’s Buyers in securing the appropriate financing, the transfer of licenses, assignment of the lease and/or franchise rights.
An escrow attorney is retained by the Buyer and Seller to facilitate the closing of the sale. The attorney is responsible for filing the required paperwork, and ensuring that all licenses and leases are properly handled for the Buyer and Seller.
Advantages of Buying An Existing Business
- Actual Results Rather Than Proforma - You have the ability to gauge a business by actual day-to-day operations and do not have to work from projections.
- Immediate Cash Flow -You will have sales and income from the beginning through continued operation; a new start-up will have extended down time from conception to opening the doors.
- Trained Employees In Place - You can't beat experience for being the best teacher.
- Established Suppliers - You can continue to use present sources while you shop the market place for better deals.
- Established Customers - Your customers do not have to discover you; they are already in place and have a buying pattern.
- Existing Licenses And Permits - You are "Grandfathered" in and do not have to fight the system.
- Training By The Seller - A very important part of any business that can assure continued success. This should be a part of the offer to purchase contract.
- Availability Of Owner Financing - This shared risk often will demonstrate the seller's faith in the businesses.
- Lower Failure Rate - Because it is an existing business, there is a better chance for success over a new start-up.