Buyer's Tutorial

Buyers should review and answer the questions below.  This will improve the buyers ability to purchase the correct business in the shortest period of time.

Criteria Worksheet

Criteria to purchase a business.  Answer the following questions:

Your Name*

Phone Number*

Email Address*

  1. What geographic location do you want your business to be located?

    Anywhere in the Metro Detroit area
    Only in the east, west, north, or south side of Metro Detroit
    Anywhere in Michigan
    Anywhere within the USA
    Anywhere in world

  2. What geographic area would you like your business to serve?

    The Metro Detroit area
    Michigan
    The USA
    Worldwide

  3. What kind of business would you prefer?

    Service – business to business
    Service – business to general public
    Manufacturing – auto related
    Manufacturing – non-auto related
    Retail / distribution

  4. Which type of business do you prefer?

    Profitable with strong cash flow
    A turnaround opportunity (breakeven or non-performing)

  5. What are your personal income needs the business has to generate (if any) after debt service? (dollar amount per month or annually)

    $ Per Month Annually

  6. What is the dollar amount (specific or as a range) you expect to invest in a new business? (excluding debt from bank or borrowed funds from another source)

    $

  7. What is the price range (selling price) of business you would like to consider?

    $ to $

  8. Are you looking for a business that has considerable capital assets?

    Yes
    No

  9. Are you looking for a business that has considerable goodwill relative to the selling price?

    Yes
    No

  10. Do you have an employees union preference?

    Non-union
    Union represented
    No preference

  11. Do you prefer a business that is:

    High tech
    Low tech
    No preference

  12. As a condition of the sale are you expecting the current business owner to stay on in a consulting or management role for some period of time?

    Yes
    No

    If yes, what length of time?

    Months

  13. Are you primarily interested in opportunities where the seller will be required to take a note to finance the sale of the business?

    Yes
    No

  14. In what time frame are you looking to complete a business purchase?

    Months

  15. What is (are) the reasons you are considering purchasing a business?



  16. Please rate in order of importance to you, as it relates to the search for a business, the four most important items above:

    1. Question #
    2. Question #
    3. Question #
    4. Question #

  17. Please rate in order of least importance to you, as it relates to the search for a business, the two least important items above:

    1. Question #
    2. Question #




Thank you for taking the time to answer these questions.  This will assist us in finding a business that is right for you.

Contact Whitmore, Prokes & Micallef & Associates to discuss and answer your questions on your pending decision to sell or purchase. We only get paid after we complete the sale or purchase.

Nearly 90% of American businesses are family owned or controlled, according to the Institute of Family Owned Businesses at the University of Southern Maine. (Among them are big name companies like Cargill, Anheuser-Busch, Levi Strauss, Gap and Hallmark Cards) Yet only 30 percent of the family owned business in the country survive into the second generation, and fewer than 3 percent into the third, the institute said.

 
Have questions?

1-800-948-8610
info@wpmbrokers.com

 
© 2006 Whitmore, Prokes, Micallef & Associates