Stage 1 : Buyer Initial Contact to us: We collect buyer information, have buyer sign NDA.
Stage 2 : Visiting the Store : Buyer visit the store by themselves pretend as a customer. Any question before visiting the store will be answered by listing agent.
Stage 3 : Setup an appointment :
3.1 : Buyer meets with seller for kitchen tour.
3.2 : Meeting with agent if necessary.
Stage 4 : Review Docs
4.1 : Copy of lease
4.2 : Review expenses such as utilities, food invoices etc
4.3 : Review Profit Loss Statements + bank statements.
4.4 : Review Equipment List
Stage 5 : Buyer makes an Offer
5.1 : $100 refundable deposit with offer. If offer accepted by seller, buyer puts additional deposit before observation.
5.2 : Buyer will observe the business for 1-2 weeks and found it satisfaction.
Stage 6 : Decision
6.1 Negative (Buyer gets their deposit back)
6.2. Positive ( Move file to attorney)
Stage 7 : Due Diligence
7.1 : Making sure the buyer will get assignment of lease
7.2.: Making sure there is no lien on the business or will be paid at closing due to seller.
7.3 : Making sure all town, state taxes paid or will be paid at closing due to seller.
7.4 : Making sure that the restaurant is up to code and buyer able to get food permit.
Stage 8 : Prepare for Closing
8.1 Buyer Opens a LLC or Corp and apply for Sales Tax Number (1 week)
8.2 Applying Tax Clearance + Health Dep. Inspection (2 weeks)
8.3 Assign the lease + preparing closing Doc ( 1 week)
8.4 Setup a closing.