The business buying process, briefly, is finding a business you want to buy, determining how to finance it or purchase it, agreeing on a purchase contract, obtaining financing and closing the deal. This applies both to online businesses and businesses that are primarily offline.
The next step of this process is finding financing or otherwise preparing to pay for a business. This includes all means of obtaining money to make a purchase. Examples are using savings, borrowing against assets such as a 401k retirement account, raising funds by taking on financing partners, obtaining government or other grants, seller financing, and other methods. For more details please see business financing.
Another step in buying a business is to agree on a purchase contract, including price of the business, terms, and assets (furniture, fixtures, equipment, inventory, trademarks, copyrights, other intellectual and other property) to be included in the sale. Other items of this agreement may include a non-compete agreement, any training to be provided by the seller, etc.
Usually you prepare a purchase contract and present it to the seller for his/her approval or modification. The preparation of this contract is often done by an attorney or business broker, but you can also prepare it yourself.
The purchase of a business can include the services of a business broker or brokers, and also other professionals, such as attorney and accountant. Especially if this is your first business purchase, it is highly desirable to consult with one or more appropriate professionals during the business buying process.
Before the last business buying step you will need to receive approval for any financing or you will arrange for funds to be available for the purchase
The last step is to close the deal to buy the business. This involves both parties (buyer and seller) signing a sales contract and associated papers, making agreed-on payment for the business, and accepting keys, alarm codes and any other essential items. You will also need to make arrangements with the seller for training and other initial turnover details.