Ed’s says, “Add these items to your Buyer profile for smoother traveling in the mine field of buying a business.” These suggestions are not meant to be a complete list but they will all help you. Most Sellers and Business Brokers will expect this of you.

Get a fax machine with a dedicated line and number! Ed says, “I can’t tell you how aggravating and time delaying it is when a Buyer doesn’t have a fax machine with a dedicated number.” If you are serious about buying a business, the Sellers and Business Brokers expect you to be up to par with this low cost piece of equipment. The dedicated line is only a few dollars per month and no excuse not to have it. The telephone line sharing and computer faxes are limited and never available when needed by the Broker, Seller, Title Company, Equipment Company, Bank, City Inspectors, Franchisors and on and on. The internet and email is not enough and not nearly as convenient.

Ed reminds you, “Don’t go to the businesses introduced to you in order to talk to the employees and possibly the owner.” This is a huge mistake and a violation of the Confidentiality Agreement. The owner will probably want to shoot you and Ed. Being shot could ruin Ed’s whole day. Please don’t do this.

Buyers working with financial backers or partners should have a written and signed operating or partnership agreement in place or at least have the financial backer put up a significant amount of money in a Title Company Escrow Account to be used for down payment money. Ed will tell you, “In 95% of the time, the Buyer who has the smaller amount of funds and who is running around looking at all the businesses will usually find that when he informs the financial backer that it is time to put up the funds, he finds there are no funds and no financial backer!”

“Make the offer!” says Ed. “If the business has the basic potential and working parts that you like then write up an offer.” On certain issues you might question, you can include them as additional contract contingencies for you protection. The best deals are obtained with a Buyer’s offer and negotiating process and are seldom reflected in the Seller’s listing price and business offering.