Buying a Business in Las Vegas Shouldn't be a Gamble

Many people are uncertain where to turn when buying a business. Residential agents are trained to sell homes, commercial agents are trained to sell and lease commercial properties and business brokers are specially trained and licensed to sell businesses. When you are ready to buy a business, make sure you find a professionally trained and legally licensed business broker.

A business broker is a person that acts as an intermediary between sellers and buyers of small to medium size businesses. They understand the confidential nature of business sales and help protect buyers and sellers by using the proper contracts and forms for a smooth business transition. Companies specializing specifically in business sales are the most qualified to assist buyers in finding a business to suit their needs. Experienced business brokers can often offer insightful advice when a buyer is uncertain of what type of business to buy. Unlike real estate companies, business brokerage firms do not often actively cooperate with one another, so working with a firm with a significant number of listings is your best “bet” to find the business you are searching for.

Once you have found a business that interests you, the business broker will require that you sign a Buyer Confidentiality aka NDA (non disclosure agreement). This form is primarily asking the buyer to keep all information they receive on the business confidential, which of course is for the protection of the seller and the value of their business.

The next step is the Asset Purchase Agreement (purchase contract); you will be asked to provide an earnest money deposit to show your good faith and ability to complete the purchase. Once the offer is made to and accepted by the seller the due diligence period begins. During the due diligence period you will be provided with all the supporting documentation you requested in the purchase agreement. You will then have an opportunity to review this information to confirm it meets with your satisfaction.

Once you completed the due diligence you will be asked to “sign off” basically stating that the business meets with your approval and you are ready to move forward with the purchase. During the transaction your business broker will be with you every step of the way including the opening of escrow. Escrow companies are a neutral third party used as a closing agent for business sales. Escrow, at the direction of your business broker, will also verify that all debts including recorded liens and taxes are paid through the closing to ensure the business you are buying is free of debts giving you a fresh start to build and grow your new business.

First Choice Business Brokers is a publicly held company with over 20 offices nationwide and is the proud leader of business sales in Nevada offering the largest selection of businesses available with over 30 experienced, licensed business brokers to serve you.