The Buying Process

VR in Charlotte uses a multiple step buying process. 

• Commitment

Your commitment to purchase a business at price and terms consistent with the marketplace that matches your needs and abilities.

• Disclosure

You sign an agreement promising to maintain confidentiality for all the information provided to you on the businesses we discuss.

• Background Information

You provide us with information about yourself such as a resume and financial statement.  The more we know about you, the more likely we can find a business you will like.  The more information we provide the seller, the better the terms he will consider.

• Review

Together we discuss and review various types of businesses and select some that appeal to you.

• Introduction

We introduce you to the businesses you are interested in and discuss the important factors of each.

• Background

We provide the seller information regarding your background, financial wherewithal, and professional experience.  Favorable background information about you will result in favorable consideration of your offer.

• Explanation

We carefully explain the terms and conditions of the offer to the seller and decision makers.

• Meeting

A meeting between you, the seller and your VR Business Intermediary in Charlotte may take place.  This gives you the opportunity to ask questions you may have about how the business operates and to describe your qualifications to the seller.

• Offer To Purchase

With our assistance, you write an offer to purchase on the business you like.  A refundable, earnest money deposit will be required to demonstrate your seriousness to the seller.

• Removal of Contingencies

All offers contain contingencies that must be removed before the contract is binding.  Typical contingencies include your inspection of the books and records, assumption of the lease and attainment of proper financing.

• Acceptance

The seller accepts the offer to purchase as presented or writes a counter offer.

• Mutual Acceptance

When buyer and seller agree to all terms and conditions of the sale, the offer becomes a Purchase and Sale Agreement.

• Due Diligence

You meet with the seller to examine the financial records.  Any questions you have are resolved at this time.  We work with the landlord to get an assignment of the current lease for you.

• Open Escrow/Closing Attorney

We provide all documents to the transferring agent or attorneys so they can prepare the closing documents.  They make arrangements to assign any notes or equipment leases.

• Inventory

Arrangements are made for you and the seller to count and price the inventory (if required.)

• Transfer of Ownership

All parties meet to sign documents.