You want to start your own business without starting from scratch. Buying a business is for you. Here’s how.
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Define your purchasing criteria
Identify the type of business you wish to acquire, its geographical location, the size of the business, etc.
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Evaluate your budget
Analyze your financial capacity and determine the budget you are prepared to allocate to the purchase of the business.
Meet with lending institutions to secure financial partners.
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Searching for goodwill
Look for opportunities that match your criteria. Use online platforms, specialized ads, or specialist agencies.
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Meetings and negotiations
Meet potential sellers, visit business premises, and enter into negotiations to reach agreement on the price and conditions of sale.
Perform due diligence to assess the financial health of the business, check current contracts, legal aspects, etc.
If you haven’t already done so, this might be a good time to contact a lawyer. -
Drafting and signing the promise to sell
The promesse de vente, also known as the compromis de vente, is a legal document that commits the seller and buyer to the sale of a business or other asset (real estate, shares, etc.).
The promesse de vente formally commits the seller to transferring the property (in this case, the business) to the buyer, and the buyer to acquiring the property under the conditions defined in the document. During the period between the promesse de vente and the definitive purchase, the buyer can carry out in-depth due diligence (checking accounts, contracts, etc.) before the final conclusion of the sale.
The promesse de vente is most often concluded subject to conditions precedent, such as obtaining financing or administrative authorizations, but also the absence of pre-emption by the town hall, the obtaining of certain building permits, the termination of certain contracts, etc.
The promesse de vente is as important as the deed of sale itself. Failure to comply with it will have consequences, most of which are set out in the contract itself. -
Financing
Finalize your financing with the lending institutions you contacted when evaluating your budget.
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Signature of the deed of sale
Once all the checks have been successfully completed, and the suspensive conditions lifted, the final deed of sale is signed. This officially transfers ownership of the business to the buyer.
The day before signing, you must transfer the funds to the secure account of the lawyer acting as escrow (usually the seller’s lawyer). These funds will be remitted to him once the tax solidarity deadlines have expired. -
Administrative formalities
The lawyers will take care of all commercial and tax formalities following the sale. They will also follow up any objections from creditors.
We are available to support you at every stage of your business acquisition, and are particularly well versed in rapid transfer exercises between parties with short, imperative deadlines.
