The VR Buying Process
The experts in any profession are masters of their trade. They are copied by competitors, and their operational procedures become the norm for their peers.
The “VR 20 Steps for Buying a Business” is the methodology behind helping today’s entrepreneur acquire their dream, and has been since 1979.
We put client education at the top of our agenda at VR. By focusing on client education, we ensure positive results and a smooth transaction for those looking to buy a business in Atlanta. Valued Representation has six decades of proven experience. This experience allows VR Business Sales to offer an industry-leading transaction road map geared toward success.

VR’s 20 Steps for Buying a Business: How to Buy a Business
Everything begins with your decision to purchase a business. It is vital that you find a business that has both the right price and the right terms. No doubt, buying a business can be a significant task but with the right business brokers in Atlanta and your firm commitment, a successful outcome can be ensured. We can work with those in different counties, and our clients come from other counties including Cherokee, Forsyth, Walton, Douglas, and Cobb.
Maintaining confidentiality is critically important in the process of buying or selling a business. Early in the process, you’ll be required to sign an NDA where you agree to maintain the confidentiality of all the information you receive.
By completing the VR Buyer Profile, you are providing us with information about yourself. It includes a resume, financial statements, and available capital to invest. Sharing information about yourself makes it more likely we can find a business that matches your needs. It also goes without saying that the more information we can provide the sell and financing sources, the stronger your negotiating position.
Together with your VR intermediary you will discuss and review various types of industries and specific businesses. The narrowing of options that appeal to you, or that you may be qualified to acquire, saves valuable time for all parties. You will have the ability to review confidential business profiles that, in part, summarize the business, its financial information, facility and lease information.
We will present to you the businesses that have matched your buying criteria, and discuss the opportunity surrounding each. These initial presentations can vary from digital presentations in our boardrooms, to actual on-site visits as the information process moves forward. It is critical to remember when visiting a business, that the sale is highly confidential.
A meeting between you, the seller and your VR intermediary may take place if you are interested in obtaining more information regarding the business, and seriously consider it a candidate for purchase. This gives you the chance to ask questions you may have about how the business operates and allow the seller to feel comfortable in who is acquiring their business (and possibly holding a note for).
With the assistance of your VR broker, the next step is to prepare an Offer to Purchase on the VR Purchase Agreement (a Letter of Intent may be used on larger transactions). An Offer to Purchase will include an earnest money check along with contingencies that are to be satisfied during Due Diligence.
Your VR intermediary presents your offer to the seller and takes the time necessary to explain the terms and conditions of your offer to the seller and their decision makers.
With your approval, your VR intermediary provides the seller you background, financial information, experience and basis for arriving at the offering price, along with terms and conditions. Substantial background information can result in a favorable consideration of your offer.
The seller will either accept the Offer to Purchase as it is written, or will present a Counter Offer. Once the buyer and seller agree to all the terms and conditions of the sale, sign all counter offers, and amendments (if any), you have mutual acceptance and it then becomes a Contingent Purchase Agreement.
At this stage the examination of financial records and other operational information, inventory, management and lease reviews take place. The due diligence and inspection stages are critical for the buyer to confirm that what the seller has claimed to be is truthful and accurate, and meets the conditions of your offer.
You remove all contingencies as each is resolved or met in the Agreement. Once completed, it is a binding agreement.
Your VR intermediary will send the Purchase Agreement and other documents to the escrow attorney or closing attorney who then drafts the closing documents and deposits the earnest money deposit into their trust account. Escrow is “open” as soon as both buyer and seller have signed the documents. Depending on the geographic location in which you live or are acquiring the business, the process may be handled by parties other than an escrow company. Your VR broker can educate you what to expect in your local market.
In most geographic areas the attorney for the buyer, or the escrow company, performs a lien search on the business to identify any secured creditors. Liens to secured creditors will be removed prior to closing. During the lien search there will also be an investigation with tax agencies for tax clearances.
During the escrow period the buyer, with the aid of their advisors, will be obtaining liability insurance for the business, workman’s compensation insurance (if required), all necessary business licenses and permits, EIN/TIN (Employer Identification Number/Tax Identification Number), and form the appropriate business entity.
The seller’s landlord may require the assignment of the existing lease or an entirely new lease. You will, with the seller and landlord, obtain the necessary documentation for closing. This is another critical step and one of your remaining contingencies. It is important to provide the landlord with a complete personal financial statement, resume, and lease application promptly to ensure your new lease or assignment is complete in time for the closing.
You can expect your VR intermediary to work very closely with you, as well as your seller, and an escrow offer/closing attorney. We will agree on the equipment leases assigned to you and your corporate entity in the process. No important detail will be overlooked.
When businessowners ask the question, “how much is my business worth?” they topic of inventory invariably comes up. We work with you and the seller to determine the count and price of inventory. In the event that the inventory is large and complex, it may be necessary to outsource the process to an inventory service.
Signing of the final closing documents may be done at escrow, in person, or in many cases, via courier, email, or data room with electronic signature. These arrangements will be agreed upon by all parties prior to closing.
After the closing with the seller, you will begin the agreed upon training period. It is important to note that the terms and length of the seller’s involvement in training will be agreed upon in advance and will be outlined in the purchase agreement.
Are you ready to learn more?
VR Business Brokers offers a transaction road map that is not only detailed, but proven