{"id":11728,"date":"2019-07-18T13:16:47","date_gmt":"2019-07-18T12:16:47","guid":{"rendered":"https:\/\/entrepreneursgateway.com\/clone-7-reasons-why-you-should-buy-an-existing-business\/"},"modified":"2019-09-22T16:26:39","modified_gmt":"2019-09-22T15:26:39","slug":"9-steps-to-buying-a-business","status":"publish","type":"post","link":"https:\/\/entrepreneursgateway.com\/9-steps-to-buying-a-business\/","title":{"rendered":"9 Steps To Buying A Business"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"11728\" class=\"elementor elementor-11728\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-25ce747a elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"25ce747a\" data-element_type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;gradient&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-61e6ade9\" data-id=\"61e6ade9\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2c59cbb elementor-widget elementor-widget-heading\" data-id=\"2c59cbb\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">9 Steps To Buying A Business<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3c1bbcd1 elementor-align-center elementor-widget elementor-widget-post-info\" data-id=\"3c1bbcd1\" data-element_type=\"widget\" data-widget_type=\"post-info.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<ul class=\"elementor-inline-items elementor-icon-list-items elementor-post-info\">\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-repeater-item-cc4bd02 elementor-inline-item\" itemprop=\"author\">\n\t\t\t\t\t\t<a href=\"https:\/\/entrepreneursgateway.com\/author\/entrepreneursgateway-com-team\/\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<i class=\"fa fa-user-circle-o\" aria-hidden=\"true\"><\/i>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-author\">\n\t\t\t\t\t\t\t\t\t\tEntrepreneursGateway.com Team\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t<\/li>\n\t\t\t\t<li class=\"elementor-icon-list-item elementor-repeater-item-3e861b9 elementor-inline-item\" itemprop=\"datePublished\">\n\t\t\t\t\t\t<a href=\"https:\/\/entrepreneursgateway.com\/2019\/07\/18\/\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<i class=\"fa fa-calendar\" aria-hidden=\"true\"><\/i>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-date\">\n\t\t\t\t\t\t\t\t\t\tJuly 18, 2019\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t<\/li>\n\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-728bfb5e elementor-widget elementor-widget-image\" data-id=\"728bfb5e\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"513\" height=\"327\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/07\/9-Steps-to-Buying-a-Business-Post-img-03.png\" class=\"attachment-medium_large size-medium_large wp-image-11732\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/07\/9-Steps-to-Buying-a-Business-Post-img-03.png 513w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/07\/9-Steps-to-Buying-a-Business-Post-img-03-300x191.png 300w\" sizes=\"(max-width: 513px) 100vw, 513px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2917e4d elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2917e4d\" data-element_type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f24b65d\" data-id=\"f24b65d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c152748 elementor-widget elementor-widget-text-editor\" data-id=\"c152748\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>At first, you may think buying a business is a long and complex process. After all, it involves finding the right business, convincing the business owner of your credentials, and negotiating a deal.<\/p><p>And once you\u2019ve navigated that potential minefield, you\u2019ve then got to deal with accountants, lawyers and sometimes financiers and other professionals.<\/p><p>No wonder it can seem a daunting prospect with many people unsure of where to start.<\/p><p>However, we believe in breaking things down into bite-size chunks and logical steps. Then all you have to do is focus on and work through each of the steps. Doing so will bring you to a logical conclusion \u2013 and a successful acquisition.<\/p><p>And so here are our nine steps to buying a business:<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-37784ce elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"37784ce\" data-element_type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-df9499f\" data-id=\"df9499f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-4540740 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4540740\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-1d3adc2\" data-id=\"1d3adc2\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6c943fa elementor-widget elementor-widget-heading\" data-id=\"6c943fa\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"Step_1\"><\/span>Step 1:<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5204981 elementor-widget elementor-widget-heading\" data-id=\"5204981\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"Sector\"><\/span>Sector<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b9a8e49 elementor-widget elementor-widget-text-editor\" data-id=\"b9a8e49\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>Particularly when you\u2019re first starting out, it\u2019s advisable to choose a specific sector or sectors \u2013 preferably ones you\u2019re familiar with.<\/p><p>This is for several reasons\u2026<\/p><p>Firstly, it helps you focus, rather than be overwhelmed by too many options. It\u2019s easy to be indecisive when you\u2019re not sure where to focus your efforts, and this will cost you valuable time. You\u2019ll find yourself procrastinating \u2013 and you\u2019re only at step one.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-e091ddf\" data-id=\"e091ddf\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-707b28a elementor-widget elementor-widget-image\" data-id=\"707b28a\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"595\" height=\"575\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/07\/Sectors-05.png\" class=\"attachment-large size-large wp-image-11737\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/07\/Sectors-05.png 595w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/07\/Sectors-05-300x290.png 300w\" sizes=\"(max-width: 595px) 100vw, 595px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-e1ac650 elementor-widget elementor-widget-text-editor\" data-id=\"e1ac650\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>Not exactly the start you want to make on your dealerpreneur journey, right?<\/p><p>Focusing on specific sectors also mean you\u2019ll be familiar with the industry. You\u2019ll understand the terminology, the market, the key players \u2013 all of which will help when talking to business owners.<\/p><p>This will enhance your reputation, your positioning, and also your confidence. You&#8217;ll be able to walk into meetings as one of the go-to guys in the M&amp;A world in that particular sector.<\/p><p>Another advantage of concentrating on an industry you know is your connections. Ex-colleagues, associates, and other professional connections that may be able to provide you with leads. This is extremely valuable.<\/p><p>And so, having chosen your sector, you can progress to step two.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-39aacc4 elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"39aacc4\" data-element_type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-8715cbd\" data-id=\"8715cbd\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-56e72a3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"56e72a3\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-7ab48ab\" data-id=\"7ab48ab\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-fb810ad elementor-widget elementor-widget-heading\" data-id=\"fb810ad\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"Step_2\"><\/span>Step 2:<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1ce5e39 elementor-widget elementor-widget-heading\" data-id=\"1ce5e39\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"Target\"><\/span>Target<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-728e4a1 elementor-widget elementor-widget-text-editor\" data-id=\"728e4a1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>Now that you\u2019re clear on your target market, it\u2019s now time to start targeting specific businesses.<\/p><p>And once again, it\u2019s always a good idea to create some clear parameters with which to work in. But what does this mean?<\/p><p>Well, do you want to target businesses all across the country? Or within a 100-mile radius? Further afield?<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-a7b5f1e\" data-id=\"a7b5f1e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-28984bf elementor-widget elementor-widget-image\" data-id=\"28984bf\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"603\" height=\"575\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/07\/Target-06.png\" class=\"attachment-large size-large wp-image-11740\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/07\/Target-06.png 603w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/07\/Target-06-300x286.png 300w\" sizes=\"(max-width: 603px) 100vw, 603px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-137e829 elementor-widget elementor-widget-text-editor\" data-id=\"137e829\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>What about the size of the business? Are you confident in your ability to go for those with 30+ staff and over \u00a35 million in turnover? Or to get started, do you feel it\u2019s more realistic to look for businesses with between 10 and 20 staff and turnover of \u00a31 to \u00a32 million?<\/p><p>Does your strategy include using business brokers? Or would you prefer to focus on businesses that aren\u2019t advertised for sale?<\/p><p>Top tip: our preference is the latter \u2013 even when you\u2019re just getting started.<\/p><p>And much like deciding on the industry to target, you should give this some thought \u2013 but also be decisive! Don&#8217;t spend days laboring over this \u2013 make your choice and go for it.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-50020d9 elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"50020d9\" data-element_type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-95f8d44\" data-id=\"95f8d44\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-41277d1 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"41277d1\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-0442dba\" data-id=\"0442dba\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5008381 elementor-widget elementor-widget-heading\" data-id=\"5008381\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"Step_3\"><\/span>Step 3:<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-133259e elementor-widget elementor-widget-heading\" data-id=\"133259e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"Research\"><\/span>Research<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d147906 elementor-widget elementor-widget-text-editor\" data-id=\"d147906\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>Tempting as it is to go all-guns-blazing and just contact anyone and everyone that vaguely meets your initial selection criteria, you should resist.<\/p><p>Whilst research may not appear to be one of the sexier activities a dealerpreneur has to do, it is essential. Many a deal has fallen over or caused considerable problems because of a lack of research.<\/p><p>This doesn&#8217;t mean spending hours on end scrutinizing every facet of each business. But it does entail undertaking some smart research and looking for obvious red flags.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-c7b646f\" data-id=\"c7b646f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-34663ff elementor-widget elementor-widget-image\" data-id=\"34663ff\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"619\" height=\"476\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/07\/Research-07.png\" class=\"attachment-large size-large wp-image-11742\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/07\/Research-07.png 619w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/07\/Research-07-300x231.png 300w\" sizes=\"(max-width: 619px) 100vw, 619px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-cd12644 elementor-widget elementor-widget-text-editor\" data-id=\"cd12644\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><\/p><p>You can do this online by checking out their website. Get a feel for how professional you feel they are. What\u2019s their personality like? Is it a fit for you?<\/p><p>Check out their accounts. How healthy are their financials? Is there a growth trend, or are their sales declining year on year? How much debt do they have?<\/p><p>Give them a call. Speak to some of their staff and see how they deal with enquiries and potential customers. Are they courteous and professional? Are they asking the right questions?<\/p><p>You may also want to pay them a visit. What does their premises or office look like from the outside? Is it visually appealing, inviting, and clean? Or is the building dilapidated and the external appearance off-putting?<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3f27d9f elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3f27d9f\" data-element_type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-25673c7\" data-id=\"25673c7\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-f92e3da elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f92e3da\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-4838463\" data-id=\"4838463\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9ac0303 elementor-widget elementor-widget-heading\" data-id=\"9ac0303\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"Step_4\"><\/span>Step 4:<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-71b4b82 elementor-widget elementor-widget-heading\" data-id=\"71b4b82\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"Contact\"><\/span>Contact<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-76f343e elementor-widget elementor-widget-text-editor\" data-id=\"76f343e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>By this stage of the process, you will have built up a much more detailed picture of your target businesses. You\u2019ll have eliminated many who don\u2019t fit your criteria, but you\u2019ll also be left with a list of those that do.<\/p><p>And now it\u2019s time to reach out to them.<\/p><p>There are different ways you can do this. One method that works very effectively is good old direct mail. You simply send a letter to them \u2013 make it nice and personal, not at all pushy, and talk about THEM, as well as you.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-9fc7389\" data-id=\"9fc7389\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3841f32 elementor-widget elementor-widget-image\" data-id=\"3841f32\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"672\" height=\"513\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/07\/Contact-08.png\" class=\"attachment-large size-large wp-image-11744\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/07\/Contact-08.png 672w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/07\/Contact-08-300x229.png 300w\" sizes=\"(max-width: 672px) 100vw, 672px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-99d9a01 elementor-widget elementor-widget-text-editor\" data-id=\"99d9a01\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><\/p><p>You should also make it clear (and once again, not pushy) what you want them to do next. It\u2019s likely to be along the lines of \u201cemail or call me for more information.\u201d<\/p><p>If you don&#8217;t hear from them after a couple of weeks, follow up with them. You might choose to call them, email them, or send another letter. There&#8217;s no right or wrong means of communication \u2013 but the key is to do it.<\/p><p>You have no idea how many people give up at the first letter and never follow up. But there could be any number of reasons why they didn\u2019t reply. Perhaps they put it to one side, with the intention of calling you, but forgot about it.<\/p><p>We&#8217;re all busy people, and all do that, right?<\/p><p>The letter may not have arrived. Mail does get lost sometimes. Maybe they\u2019re still thinking about it, and a second communication is enough to convince them they should speak to you.<\/p><p>And the list goes on.<\/p><p>But be sure to systemize this, so that you know exactly who you sent a letter to and when. And then when you followed up. And who&#8217;s interested and who isn&#8217;t.<\/p><p>Because once that phone rings, it\u2019s time for step five.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-60cbf50 elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"60cbf50\" data-element_type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4e99ff0\" data-id=\"4e99ff0\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-7780852 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7780852\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-681d791\" data-id=\"681d791\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-61b2693 elementor-widget elementor-widget-heading\" data-id=\"61b2693\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"Step_5\"><\/span>Step 5:<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6ef5b86 elementor-widget elementor-widget-heading\" data-id=\"6ef5b86\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"Fact-find\"><\/span>Fact-find<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-71573ab elementor-widget elementor-widget-text-editor\" data-id=\"71573ab\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>And so, the phone rings, and it&#8217;s someone responding to one of your letters.<\/p><p>\u201cBloody hell, this works!\u201d you\u2019re thinking to yourself.<\/p><p>Indeed it does, when it does, following some of the strategies in step five is all-important.<\/p><p>The first point of contact with a potential seller should ALWAYS be on the phone. Don&#8217;t get over-excited and want to leap into your car that very second and drive to their offices.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-b774467\" data-id=\"b774467\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d8fee1d elementor-widget elementor-widget-image\" data-id=\"d8fee1d\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"723\" height=\"440\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/07\/Fact-Find-09.png\" class=\"attachment-large size-large wp-image-11745\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/07\/Fact-Find-09.png 723w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/07\/Fact-Find-09-300x183.png 300w\" sizes=\"(max-width: 723px) 100vw, 723px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-9e7584b elementor-widget elementor-widget-text-editor\" data-id=\"9e7584b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><\/p><p>That approach is wrong on a number of levels.<\/p><p>You need to remain calm, be in charge of the situation, and let the proven strategies do their thing.<\/p><p>The first rule of thumb: ALWAYS call them to conduct the call. They will, of course, call you in response to a communication from you. When they do, and should you answer the phone, be polite but explain that you&#8217;re about to enter a meeting.<\/p><p>Then you agree to call them back at a mutually convenient time.<\/p><p>This ensures: A) You&#8217;re in control of the process, and B) You can prepare for the call, by getting their details out and familiarizing yourself with them.<\/p><p>And then when you call them back, you want to ask them some specific questions that uncover the information you\u2019re looking for. Asking open questions is a good idea here, and one of the first questions may be <em>why did they respond to your letter? <\/em><\/p><p>The answer to this question may lead the conversation, or you may have to probe away with other questions. But at the end of the call, which should ideally last from around 15 to 30 minutes, you want to be happy that you\u2019ve collated at the information you need.<\/p><p>If you are, and it ticks many of the boxes you want it to, then you may want to meet them face to face.\u00a0<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d9138bd elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d9138bd\" data-element_type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5047a08\" data-id=\"5047a08\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-f594361 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f594361\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-9b272ef\" data-id=\"9b272ef\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b829292 elementor-widget elementor-widget-heading\" data-id=\"b829292\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"Step_6\"><\/span>Step 6:<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a141b05 elementor-widget elementor-widget-heading\" data-id=\"a141b05\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"Meeting\"><\/span>Meeting<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9297d52 elementor-widget elementor-widget-text-editor\" data-id=\"9297d52\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>Preparation for this step is absolutely critical.<\/p><p>On the phone, you can be reading from a script or doing other things that your counterpart won\u2019t be aware of because they can\u2019t see you. But face to face, it\u2019s way different.<\/p><p>Therefore, you need to ensure you\u2019re fully prepared with how you\u2019re going to open the meeting. You should also know the types of questions you want to include throughout the meeting. And finally, be clear on how you\u2019d like to end the meeting.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-29224af\" data-id=\"29224af\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0bb272b elementor-widget elementor-widget-image\" data-id=\"0bb272b\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"643\" height=\"666\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/07\/Meeting-11.png\" class=\"attachment-large size-large wp-image-11746\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/07\/Meeting-11.png 643w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/07\/Meeting-11-290x300.png 290w\" sizes=\"(max-width: 643px) 100vw, 643px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-80783c5 elementor-widget elementor-widget-text-editor\" data-id=\"80783c5\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><\/p><p>Ideally, you want to be talking no more than 30 percent of the time. If you&#8217;re asking the right types of questions and have built up plenty of rapport, your counterpart will talk until their heart&#8217;s content.<\/p><p>Remember, people love to talk about themselves.<\/p><p>And this is often where many dealerpreneurs can stumble because they don&#8217;t listen enough. They want to do most of the talking, figuring this means they are controlling the meeting.<\/p><p>Wrong!<\/p><p>Take this approach, and you\u2019ll put many potential sellers off. You need to make them feel at ease, that you\u2019re listening to them and that you genuinely want to help them.<\/p><p>By the conclusion of the meeting, you should have a pretty good idea as to whether you want to proceed. You should also have a good idea as to what your counterpart feels about you.<\/p><p>And if you\u2019ve prepared and executed correctly to this point, you\u2019re ready for step seven.\u00a0<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1130dc6 elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1130dc6\" data-element_type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-471a309\" data-id=\"471a309\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-f6103b3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f6103b3\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-4f48315\" data-id=\"4f48315\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-fc5d8c2 elementor-widget elementor-widget-heading\" data-id=\"fc5d8c2\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"Step_6-2\"><\/span>Step 6:<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d86a2d8 elementor-widget elementor-widget-heading\" data-id=\"d86a2d8\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"Heads\"><\/span>Heads <span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f9a767e elementor-widget elementor-widget-text-editor\" data-id=\"f9a767e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>Heads is short for Head of Terms, and they are a significant step in the overall process.<\/p><p>They set out the terms of the transaction that you want to agree with your counterpart. At this stage, it\u2019s essentially an agreement in principle.<\/p><p>And although not legally binding, Heads of Terms essentially condenses the key elements of the sale into one document. This would include responsibilities, payment, and periods of confidentiality.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-6cd9306\" data-id=\"6cd9306\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c74e365 elementor-widget elementor-widget-image\" data-id=\"c74e365\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"591\" height=\"632\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/07\/Head-12.png\" class=\"attachment-large size-large wp-image-11748\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/07\/Head-12.png 591w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/07\/Head-12-281x300.png 281w\" sizes=\"(max-width: 591px) 100vw, 591px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-65e774e elementor-widget elementor-widget-text-editor\" data-id=\"65e774e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><\/p><p>They also have another important purpose \u2013 they provide focus and help eliminate confusion for both parties.<\/p><p>You\u2019ll be surprised at how often two parties leave a meeting or negotiation with two quite different views as to what was agreed. Having the essentials down in writing can mean any potential misunderstandings regarding the transaction are spotted (and resolved) before time and money is spent drafting detailed contracts.<\/p><p>And at the end of the day, we\u2019re all human. Genuinely forgetting or overlooking what you agreed in a meeting a month ago is a real possibility. And so, your Heads of Terms acts like an aide memoir.<\/p><p>They also act as instructions. When it comes to drafting contracts, the lawyer is just setting out, in legally binding words, what you have agreed. And whilst a contract is likely to contain lots of legal jargon and terms, its main goal is to reflect what has already been agreed.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-9029395 elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9029395\" data-element_type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-9f00721\" data-id=\"9f00721\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-045b631 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"045b631\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-853db4c\" data-id=\"853db4c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-eae1ed7 elementor-widget elementor-widget-heading\" data-id=\"eae1ed7\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"Step_8\"><\/span>Step 8:<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1c0b3a8 elementor-widget elementor-widget-heading\" data-id=\"1c0b3a8\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"Due_Diligence\"><\/span>Due Diligence <span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7698237 elementor-widget elementor-widget-text-editor\" data-id=\"7698237\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>Due diligence, in simple terms, is an investigation into the business you\u2019re interested in buying.<\/p><p>Due diligence takes place after Heads of Terms have been agreed, but before the transaction has been finalized. One of the objectives of due diligence is to verify whether the acquisition is what you thought it was.<\/p><p>During the due diligence process, many key areas of the business will be looking at in great depth. These include the company\u2019s accounts, customer contracts, and any potential legal and past issues. Historical records will be scrutinized and thoroughly looked at.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-92c79f1\" data-id=\"92c79f1\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-94d1fa1 elementor-widget elementor-widget-image\" data-id=\"94d1fa1\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"527\" height=\"618\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/07\/Due-Dali-10.png\" class=\"attachment-large size-large wp-image-11750\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/07\/Due-Dali-10.png 527w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/07\/Due-Dali-10-256x300.png 256w\" sizes=\"(max-width: 527px) 100vw, 527px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-289a85c elementor-widget elementor-widget-text-editor\" data-id=\"289a85c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>The entire process <em>can<\/em> be a long, complicated process, depending on the size and state of the business. Ultimately you want to ensure everything checks out, and that the business doesn\u2019t have any skeletons hidden in its closet.<\/p><p>You must ensure you appoint an accountant and lawyer who both have experience in this area.<\/p><p>You may choose to be involved and look over some of the documents yourself; however, it&#8217;s also advisable to have professionals on your side. They will know exactly how to look for and identify possible red flags that you may overlook.<\/p><p>At the start of the due diligence process, you would normally sign a confidentiality or non-disclosure agreement with the other business owner. As well as ensuring confidentiality on both sides, it also prevents others from prematurely finding out about a potential sale before the transaction has been completed.<\/p><p>And so, what are the risks of skipping due diligence?<\/p><p>Well, you could end up buying a business on false pretenses. The seller may have left out key details (not always deliberately) or fudge numbers in an attempt to make the business look more profitable.<\/p><p>Without verifying all of the details you receive and searching for more information, you don\u2019t have the complete picture. And you might end up buying a business that isn&#8217;t the shrewd investment you thought it was.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-47012aa elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"47012aa\" data-element_type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-cb861e0\" data-id=\"cb861e0\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-a83d120 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a83d120\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-b573fef\" data-id=\"b573fef\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-009f32b elementor-widget elementor-widget-heading\" data-id=\"009f32b\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"Step_9\"><\/span>Step 9:<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d011afd elementor-widget elementor-widget-heading\" data-id=\"d011afd\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"SPA\"><\/span>SPA<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2e4c523 elementor-widget elementor-widget-text-editor\" data-id=\"2e4c523\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>SPA stands for the sales and purchase agreement. This is a legally binding contract that obligates a buyer and seller to complete a successful transaction.<\/p><p>An SPA provides both parties with a framework for how the transaction should proceed. It also details what is included in the transaction and, if or where necessary, what is excluded from the sale.<\/p><p>This type of contract would normally be drawn up by a lawyer. Furthermore, it allows the buyer and seller to ultimately agree upon an appropriate price and payment terms for the business.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-72cd555\" data-id=\"72cd555\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4208e1d elementor-widget elementor-widget-image\" data-id=\"4208e1d\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"519\" height=\"579\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/07\/Deal-14.png\" class=\"attachment-large size-large wp-image-11751\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/07\/Deal-14.png 519w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/07\/Deal-14-269x300.png 269w\" sizes=\"(max-width: 519px) 100vw, 519px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-d237261 elementor-widget elementor-widget-text-editor\" data-id=\"d237261\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><\/p><p>The SPA may include restrictive covenants. These can be used by the buyer to prevent the seller of the business from establishing a new business in the same sector \u2013 essentially a competitor \u2013 for a predetermined period of months or years.<\/p><p>Such restrictive covenants must be reasonable in terms of geography, scope, and duration.<\/p><p>Another area that your SPA may focus on is warranties and indemnities.<\/p><p>Warranties are essentially statements of facts made by the vendor of the business, relating to the state of the business. If a warranty is proven to be untrue \u2013 and subsequently, the value of the company is reduced \u2013 the buyer may have a claim for breach of warranty.<\/p><p>In an SPA, warranties will cover all areas of the business, including assets, accounts, contracts, staff, property, and intellectual property, to name just a few.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7c9cebc elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7c9cebc\" data-element_type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f364fd5\" data-id=\"f364fd5\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-939b895 elementor-widget elementor-widget-heading\" data-id=\"939b895\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"Payment_and_Completion\"><\/span>Payment and Completion<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6cbb3d0 elementor-widget elementor-widget-text-editor\" data-id=\"6cbb3d0\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>And so, the final documents have been completed. Contracts have been signed. And the payment agreement has been put in place. You\u2019re now the proud owner of a new business!<\/p><p>It\u2019s a process that has a lot of moving parts. But by breaking it down in the nine steps above, it suddenly looks and feels a lot more manageable.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7d4b7cae elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7d4b7cae\" data-element_type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-58c8ed2a\" data-id=\"58c8ed2a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-11ade50d elementor-view-framed elementor-shape-circle elementor-widget elementor-widget-icon\" data-id=\"11ade50d\" data-element_type=\"widget\" data-widget_type=\"icon.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-icon-wrapper\">\n\t\t\t<div class=\"elementor-icon\">\n\t\t\t\t\t\t\t<i class=\"fa fa-hand-o-down\" aria-hidden=\"true\"><\/i>\n\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3ef98a45 elementor-widget elementor-widget-heading\" data-id=\"3ef98a45\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Now over to you:<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-27178a8e elementor-widget elementor-widget-text-editor\" data-id=\"27178a8e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>Have you previously purchased a business? How did you find the entire process? Were there any hiccups?<\/p><p>Let us know and leave any questions in the comments below. I\u2019ll be sure to answer them as soon as they come in!<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>At first, you may think buying a business is a long and complex process. After all, it involves finding the right business, convincing the business owner of your credentials, and negotiating a deal.<\/p>\n","protected":false},"author":9,"featured_media":11730,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"generate_page_header":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.2.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>9 Steps To Buying A Business - Entrepreneurs Gateway<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/entrepreneursgateway.com\/9-steps-to-buying-a-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"9 Steps To Buying A Business - Entrepreneurs Gateway\" \/>\n<meta property=\"og:description\" content=\"At first, you may think buying a business is a long and complex process. After all, it involves finding the right business, convincing the business owner of your credentials, and negotiating a deal.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/entrepreneursgateway.com\/9-steps-to-buying-a-business\/\" \/>\n<meta property=\"og:site_name\" content=\"Entrepreneurs Gateway\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/entrepreneursgateway1\/\" \/>\n<meta property=\"article:published_time\" content=\"2019-07-18T12:16:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-09-22T15:26:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/07\/9-Steps-to-Buying-a-Business-Post-img-opt.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"535\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"EntrepreneursGateway.com Team\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@EGMEMBERS\" \/>\n<meta name=\"twitter:site\" content=\"@EGMEMBERS\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"EntrepreneursGateway.com Team\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"12 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/entrepreneursgateway.com\/9-steps-to-buying-a-business\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/entrepreneursgateway.com\/9-steps-to-buying-a-business\/\"},\"author\":{\"name\":\"EntrepreneursGateway.com Team\",\"@id\":\"https:\/\/entrepreneursgateway.com\/#\/schema\/person\/13983710051e5b92688b6cddf284584d\"},\"headline\":\"9 Steps To Buying A Business\",\"datePublished\":\"2019-07-18T12:16:47+00:00\",\"dateModified\":\"2019-09-22T15:26:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/entrepreneursgateway.com\/9-steps-to-buying-a-business\/\"},\"wordCount\":2484,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/entrepreneursgateway.com\/#organization\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/entrepreneursgateway.com\/9-steps-to-buying-a-business\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/entrepreneursgateway.com\/9-steps-to-buying-a-business\/\",\"url\":\"https:\/\/entrepreneursgateway.com\/9-steps-to-buying-a-business\/\",\"name\":\"9 Steps To Buying A Business - 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