"Few people would consider buying a second-hand car without checking it out first. If they didn't have the expertise to do so themselves, they would hire a professional to make sure that they weren't spending their money on a complete dud.
The purchase of a business is just the same. Whilst small business owners sometimes feel that they cannot afford to perform due diligence on their new purchase, it is absolutely vital to do so. A small effort during the acquisition can save large amounts of trouble later on.
Due diligence will normally take place after the purchaser has signed a letter of intent with the seller. This requires, amongst other things, that the current owner gives you access to all business data in return for confidentiality on their contents. Whilst there is no specific time frame laid down by law for such due diligence, it will normally take place between 60 and 90 days before a final purchase. The key steps to take include:"
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Due diligence when buying a business:
For additional information regarding Florida business sales, acquisitions and valuations, please contact Eric J. Gall at info@buysellflbiz.com or 239.738.6227. Also, visit our Florida Business Exchange website at www.fbxbrokers.com and my personal website at www.buysellflbiz.com.
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