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Buying A Business, Cafe Business Insurance, Licenses, Conditional Offer -…
Buying A Business
List of Documents Required for Financing
- Buyer and Seller's Profile
- Last 3 years Financials- Accountant
- Few Monthly Sales
- Point of sales report
- GST Tax File
- Tax Returns
- Purchase Agreement
- Lease Agreement
- Asset List
- Business Plan
- Business Team Information
- Menu
- Future Financial Projections
- last 3 years NOA- Buyer
Lease
- Base Rent
- Utilities (Hydro, Gas, Heating, Water, Sewer and Garbage)
- Property Tax and Insurance/ Absolute Net
- Outside maintenance fees & security
- Lease Term
- Damage Cost
- Demolish terms
- Any Restrictions
- Upcoming Renovations
Closing Cost
- Provincial Tax
- Down-payment
- Realtor Commission
- Layer Fees
- Accountant Fees
- Inventory
- Insurance
- Rent and Utilities
- Wages
Offer Price Breakdown
- Furniture, Fixtures and Equipment's
- TI (Tenant Improvements)
- Goodwill
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Steps
- Accepted Offer
- Lease Agreement
- Financial Approval
- Due Diligence (Lawyer/ Accountant): If any Liabilities from seller's side and for learning applicable taxes
- Clear: Seller Tax Year Ending
- Business Incorporation
- Down-payment
- Closing Date
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Cafe Business Insurance
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covers the cost of repairing or replacing the damaged equipment and business losses incurred from the equipment not functioning.
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Conditional Offer
Only Business
- Financing
- Lease
- Revenue Verification
- Training
- Equipment's in Working condition
- Tangible and Intangible Assets
Structure
- Foundation
- Plumbing - Aware of Poly-B
- Water Tank / Energy Source
- Electrical
- Attic/ Roof
- Exterior Envelop - Walls, Windows
- Insulation Material and amount/ value
- HVAC - Energy Source / Ducts
- Cooling and Heat Pump
- Ducts
- Ventilation / Exhaust Fans -
Kitchen and Bathroom
- Thermal Scans - for any leaks or cracks underneath purging (Purging- cosmetic on concreate foundation walls)
- Appliances
- Carpentry / Interior