We can help make your goal of owning a business a reality. Murphy Business helps connect entrepreneurs who are buying a business with sellers on a daily basis while they guide them through the entire buying process. We will customize your search to present you with the most suitable businesses.

Many buyers are at loss when it comes to where to start when acquiring a business, that’s where we come in. We help buyers refine their purchase criteria, develop and execute a search plan, confirm the business value, develop a purchase offer, structure and negotiate the deal, and coordinate due diligence, financing, and closing details.

This is where our 8 proven steps to acquiring a business comes into play. Purchasing a business is a big decision and Murphy Business Sales of Ohio is confident they can help you make sufficiently informed decisions through this process and facilitate a better deal.

Step 1: Confidential Consultation

A detailed discussion with a Murphy Business Transactional Advisor is always a great place to start. At this stage, our advice is always free! Together we will explore your business ownership goals tempered with your skills, experience, and financial capabilities.

Step 2: Education

Murphy will discuss a number of resources available to you including how to develop a business plan, what types of financing are available, and where you can find businesses available for sale. We’ll discuss important concepts such as how businesses are valued, what to look for as you are searching, and how to keep financing top of mind as you search.

Step 3: Find the Right Business

We will help you to select a few solid opportunities. We’ll discuss confidentiality agreements, obtain detailed information about the businesses, and swiftly move to an in-person meeting with the seller showing them how serious you are, while learning more about their business.

Step 4: The Offer

As much as we may romance the concept of a “handshake” agreement, offers must always be presented in writing. We’ll show you what it takes to make a proper offer that leaves you appropriate contingencies in case we find issues with the business in the next stage.

Step 5: Business Investigation

Also known as due diligence, to the best of our ability we will take a careful look at what the seller has represented about their business to be certain that all is as it seems. Appropriately at this stage, we will be given greater access to financial details, operational details, and the seller’s time answering any remaining questions now that an offer has been accepted.

Step 6: Finance Planning

Simultaneously as we vet the business, we will assist you in applying for any needed financing keeping any other financial advisors you have in the loop. We’ll discuss deal structure as well bringing in outside expertise from accountants and specialists if appropriate.

Step 7: Transition Planning

With the help of the seller’s team, we will identify the transition items that need to be taken into account. Lease agreements, liquor licenses, utilities, vendors, permits, credit card and point of sale systems, employee health insurance, and business insurances of all types.

Step 8: Closing

By now, your attorney is involved, finalizing the legal agreements while we work carefully in the final days consulting with the seller’s team and any financiers involved. Our goal is to sign the definitive legal agreements and get the buyer and seller into an amicable transition period where the business is transferred to you as you are taught all of the critical operational details to be successful!

Our experience and reach are strengthened by our involvement with local, national, & international, associations, such as IBBA, NOBBA, OBBA, and local chambers of commerce. We also have close relationships with all known business for sale listing sites, and data resources. These robust affiliations give us access to thousands of businesses for sale, some of which are never publicly advertised, giving you the maximum number of prospects when buying a business.

The Murphy Business Sales of Ohio team serves Northeast Ohio including the cities of Cleveland, Akron, Youngstown and Hudson amongst many others.

If you are considering buying a business, but don’t know where to start, please contact the Murphy Business Sales of Ohio team at (330) 650-9000 or contact us here.