Buying A Knoxville Business
Purchase A Business Right For You
Get In Touch With An Advisor
HOW DO I BUY A BUSINESS?
Deciding to buy a business is a huge life decision, maybe the biggest decision you will ever have to make. The process can be long, intimidating, and even frustrating at times OR it can be a simple, stress-free experience IF you have the guidance and advice you deserve.
Transworld Business Advisors will walk you through the buying process while making sure you’re in the loop every step of the way. We find the right business for you, negotiate, and close the deal proficiently and professionally. You bet we’re there for you after the close as well!
Make that huge life decision easier with the help of Transworld Business Advisors.
BUSINESS BUYING PROCESS
8 Steps To Becoming An Entrepreneur
You’ve made the decision to control your financial future by purchasing a business. Owning a business is the greatest way to build wealth and take charge of your own destiny.
Meet with one of our expert business advisors so they can get a better idea of what you’re looking for. Once complete, the search for your business begins!
We will thoroughly explain the business buying process so you have a full understanding of that to expect as well as answer any questions you have.
Now the real work begins. We’ll help you search for your business, aide in signing confidentiality disclosures, provide details on the business, and more.
We will walk you through the deal structure and help you construct a contingent offer. A purchase and sale agreement will be presented to the seller with a deposit for good faith and seriousness.
This is where we inspect the owner’s representations and make sure they are accurate. We will coordinate the efforts of your legal and accounting professionals and strive to satisfy all contingencies.
The final preparations will be made for lease agreements, financing, utility transfers, and more to ensure a smooth transition. The purchase is usually completed with an attorney.
Transitional training by the seller may include meetings with employees and clients, technical education, computer updating, and other essential knowledge transfer. We will be available to assist you with any questions or post closing requirements you may have.
BUSINESSES FOR SALE KNOXVILLE
TOP LISTED BUSINESSES FOR SALE
READY TO BUY A KNOXVILLE BUSINESS?
Frequently Asked Seller Questions & Answers
Buying or selling a business can be a complicated venture. While some businesses are sold without the help of accountants and attorneys, we strongly recommend that both the buyer and seller engage professionals.
While the e-2 process is quite complex and we certainly recommend a consultant that specializes in obtaining visas, several of Transworld’s agents have done numerous E-2 transactions and can provide enough help to move you along the process.
Our website, www.tworld.com has a search page where you can look at over 4000 businesses.
Transworld is generally paid by the seller not the buyer. However, other costs do come into play. Legal and accounting fees are generally required and additional startup costs may also come into play.
Depending on the complexities of the business, the former owner will offer varying levels of training. On most small businesses, the owner will offer training for two to four weeks at no cost to the new owner.
As part of the acquisition process, you will have to go through “due diligence.” During this period the seller is required to present documents to verify his profit numbers.
No, while 100% of the purchase price is sometimes required, sellers will frequently provide owner financing to some extent. Additionally, a bank may be able to loan up to 80% of the purchase price through a loan sponsored by the Small Business Administration.
Businesses vary in price a great deal, however, it would be unlikely that one could buy a business with much less of a down payment than $50,000.
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