Buyers Roadmap

1. Register as a  Buyer

The Starting Point

When you’re buying a business, one of the best moves you can make is to find a restaurant broker that understands your circumstances and with whom you feel comfortable. 

When you have a broker that you can trust, it will allow you to move through the process with ease. The first step to buying a business is to register as a restaurant buyer on our website. Once you fill out the buyer’s form, we’ll best know how to match you with the opportunity that is the best fit for your needs and preferences.

3. SBA /Partner & 401k Financing 

We regularly help our clients with SBA and  401k financing. Once we begin working together, we can be on the lookout for great deals that are backed by a 10 percent down SBA loan. If you’re looking to prequalify, we are happy to introduce you to one of our many SBA partners. This part of the process is highly informative, as it will give you insight into the kinds of deals that are possible. Get on our calendar and let’s discuss this process with you. Fill out the form if  you are interested in SBA or 401k financing options and we will get you pre qualified with one of our resource partners. This is often a game changer

4.Engage us to Represent You

Once you have selected a business you’d like to buy

We will ask that you sign a buyer representation agreement with us for that deal so we can work on your behalf. Most of the time the fee for our services are paid by the seller during the close of escrow.

We can help with your Letter of Intent. A LOI is a non-binding document that sets off the initial negotiations and moves the transaction along. Not only can we make offers on your behalf, but also, we can help throughout the negotiation process. Our relationships and resources that can make you money and set you up for success.

5. Buyer Negotiation / LOI

The Fun Begins:

Once you have located the ideal opportunity , the negotiation stage begins. At this point, you can expect to conduct due diligence before making an offer. As soon as we are in the position to make an offer, we will present to a Letter of Intent or Indication of Interest on your behalf to the Seller.

These documents will present the basic deal points; they are important to the process because they get the offer on the table and ensure that the buyer and seller agree on the general terms of the deal. At this point, we will advise you on what terms to negotiate at this stage of the deal. Our goal is to protect your best interests, while ensuring you only spend time and energy focusing on moving forward to a successful close.

6. Purchase Agreement 

The next stage of the process is quite essential, and that is arriving at a Purchase Agreement that has been properly negotiated and agreed upon by both parties. This document will cover the terms of the sale, which include but are not limited to:

Typically, an experienced attorney will be involved in  reviewing this document. If you do not have an attorney familiar with this type of contract and negotiations, we can offer suggestions for trusted professionals. While this stage can often present roadblocks, Jim Pate and his team ensure that things move steadily forward and any issues are minimized and resolved.

7. Due Diligence

They say every deal dies three times before its done!

We have a proven track record of helping clients navigate the due diligence process, which occurs throughout the sales process. The amount of due diligence that you can expect will vary depending on the deal. We will manage the requests for items, which can include everything from facility tours to equipment and supply lists to P&L statements and other financial reports. Our work at this stage will save you time and energy.

8. Closing the DEAL

Keeping buyers and sellers on a streamlined path to close

Our goal is to keep buyers and sellers on a steady path towards close, while minimizing surprises that could interfere with the deal’s completion. It’s important to note that we don’t consider the deal to be done until the final paperwork has been executed and funds are successfully delivered via certified check or wire. In some cases, an intermediary will coordinate the delivery of funds. Jim Pate will work closely with you until the deal has been 100% completed and ensure that your interests are protected throughout the process.

9. The Transition Time

Use our Resources and Relationships to get your new business off to a GOOD START

At this stage of the game the process of purchasing your new business is complete. We can help you make a transition plan  to help capture the good will of the business and keeping the employees onboard in the process. We also have developed many Resources and a relationships over the years which can help your new business profit even more. Things in this stage include: