The overall timeline for the purchasing process is about a year from initially finding the right business to completing the sale and taking over. In that period, there will be meetings with several key people, including a banker, lawyer, accountant, broker and the seller. Each professional will have an area of expertise, knowledge regarding the sale, and an expectation to be paid. If a broker is utilized, the seller will pay that individual in the form of commission. The broker and the seller should be the initial contacts for the majority of any clarifications needed.

Regular meetings with the seller and broker will resolve questions in the buyer’s mind. Keeping clear notes on questions and responses will prevent repeatedly going over the same queries. Start the habit of jotting down questions when they arise and send an agenda to the seller to prepare a timely response at the next meeting.

Assess your knowledge of the business. Determine what gaps exist and decide on a strategy to strengthen your knowledge. Initially, you can expect to have a reasonable grasp of most aspects; however, a few areas may be weak, such as:

• Purchasing techniques may be unique to the business.
• Marketing strategies may have a distinct focus through direct mail.
• There may be a major social media strategy that has worked well.

When you have worked through the business process from the initial order to collection of the account, an overview will emerge that may identify opportunities to build your skills and possibly build the business earnings. Initially, the current owner may have the skill but not yet the support of a proficient staff. A strategy will be needed to deal with skills retained by the owner.