Buying or Selling a Business
SOME THINGS ABOUT BUYING AND SELLING YOUR RESTAURANT, NAIL
SALON, OTHER BUSINESS
COME SEE US BEFORE YOU HAVE SIGNED AN AGREEMENT
OR PAID MONEY
Mr. Cann helps you buy or sell your business in Oregon or Washington.
We are loyal to you. We only represent the buyer, or the seller, not
both. We don't represent two or more buyers, regarding arrangements
For buyers and sellers: Cash sales are easier.
Representing the seller: Cash sales are better. Usually not
too complicated unless the seller is being paid over time, or unless the
seller remains on the lease.
Representing the buyer: Reviewing and maybe changing the lease is
INFORMATION WE NEED:
For both buyers and sellers: Are there income
statements for the business? Are they intended to be reliable? Is
there a purchase and sale agreement already? If so, please bring it.
Who is the landlord? Bring the lease and all amendments.
Is there anything unusual about the business or the
transaction? When do you expect to complete the sale? Where are
the documents and money going to change hands? Have you made arrangements
for changing over utilities - gas, electricity, water, telephone numbers,
web site? How are you handling inventory? Have you talked to your
OLCC / Lottery representative?
For buyers: Who owns the business - an individual, a corporation,
an LLC? How do you know? Are the same people selling the business
that own it? Are there 'hidden' owners? What equipment and rights are
being sold? Do the sellers really own it 'free and clear'? Will
the sellers be allowed to compete with you after the sale? Must
the landlord consent to the purchase? Are there lease options? What
is the rent during the option terms? Is there enough time left on the
lease to earn the purchase price and earn a living too? Can you obtain
the insurance that is required by the lease and have you talked to an insurance
broker? Do you have hidden or passive investors? Are you going
to purchase with a corporation or an LLC? From who are you getting tax
For sellers: Have you talked to your landlord about assigning
the lease? What does the landlord say? Have you got a financial
statement / tax returns from the buyers to show to the landlord?