Considering Purchasing Your Company From Your Boss? What To Know

8 June 2016
 Categories: , Blog

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If you're considering buying a company, or buying the company that you already work for, but you aren't sure how to approach the owner, there are a few things you'll want to take into consideration. If you know the owner wants out and you would like to keep the business running as it is, you may be able to convince the owner to sell it directly to you so not  a lot around the workspace changes. Here are a few things you want to look into before you talk with the owner.

Proposal Software

Purchase software that offers a guide through the different steps of creating a proposal to buy the company from your owner. It will have outlines or terms with price, equipment, property, assets and other items or stipulations. Once you have the proposal all worked out and you think you're happy with the details, you want to contact an attorney to go over the details, and to make sure everything is legal. Check out Expedience Software for more information. 

Business Attorney

The business attorney is going to look over your proposal and help you deliver it to the owner. The lawyer will set a time limitation for the owner to accept or decline the offer, and they will push through the purchasing paperwork after a deal has been met. Your lawyer will work with the owner's business attorney through negotiations and contract changes, so you don't get a bad deal.

Loan Officer

Are you going to need a loan to buy the business? If so, you want to start working with a loan officer to see if you can get approved, and to see what needs to be done. The financial institution will want an appraisal of the company, information about financial reports and more. The loan officer will let you know before you get ahead of yourself if you can realistically take out the loan. If you can't afford to take on the loan yourself, you'll want to look for a partner or potential investors that may also be interested. This could be co-workers or people just looking for a profitable investment.

Once you've looked into these three things and you've talked with the professionals, you'll be ready to proposition your owner about taking over and making the company your own. Act quickly so you can try to get access to the company before it's listed and has several potential buyers or investors interested.