{"id":5581,"date":"2016-04-04T10:48:01","date_gmt":"2016-04-04T15:48:01","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/smallbusiness\/starting-a-business\/what-to-expect-a-chronology-for-buying-a-business.html"},"modified":"2026-05-08T11:23:00","modified_gmt":"2026-05-08T16:23:00","slug":"what-to-expect-a-chronology-for-buying-a-business","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/smallbusiness\/starting-a-business\/what-to-expect-a-chronology-for-buying-a-business.html","title":{"rendered":"What To Expect: A Chronology for Buying a Business"},"content":{"rendered":"\n
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What To Expect: A Chronology for Buying a Business<\/h1>\n\n
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\n By Amber Sheppard, Esq.<\/a> | Legally reviewed by Catherine Hodder, Esq.<\/a>\n | Last updated\n
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Editorial Note: We earn a commission from affiliate partner links on FindLaw. Commissions do not affect the editorial integrity of our legal content.<\/p>\n\n <\/div>\n \n

\n \n <\/i>\n Legally Reviewed\n <\/summary>\n\n
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This article has been written and reviewed for legal accuracy, clarity, and style by FindLaw\u2019s team of legal writers and attorneys<\/a> and in accordance with our editorial standards<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n\n

\n \n <\/i>\n Fact-Checked\n <\/summary>\n\n
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The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n\n\n

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Key Takeaways<\/h2>\n

Buying a business is a multi-step process involving identifying a business, reviewing financial statements<\/span>, drafting a letter of intent<\/span>, arranging financing, and negotiating the purchase agreement<\/span>.<\/p>\n\n <\/div>\n <\/div>\n<\/div>\n\n\n

Buying a business is unlike any other purchase or transaction. The process can take months longer than starting a new business<\/span>. Working with both a business broker<\/span> and a business attorney<\/a> can help a new <\/span>business<\/span> owner<\/span>.<\/p>\n

This FindLaw article helps small <\/span>business<\/span> owners<\/span> understand what to expect during an existing <\/span>business<\/span> sale<\/span>, how to find the right business<\/span>, and the milestones you\u2019ll reach when closing the sale.<\/p>\n

Business formations made EASY. <\/em><\/strong>Learn about business formation services here<\/em><\/strong><\/a>.<\/em><\/strong><\/p>\n

1.\u00a0Determine\u00a0Realistic Criteria for Buying a Business<\/h2>\n

One of the first steps in determining how and when to buy a business is to establish a list of wants and needs. Know (or have an idea) of the market you want to buy in, what business elements are important to you, and have an idea of what you might need help with. Make a list of questions to review, which should include:<\/p>\n