BUYER CHECK LIST

Confidentiality

1. SIGN THE NON DISCLOSURE AGREEMENT

-Buyer is required to complete the Non Disclosure Agreement to keep the confidentiality of the business before our brokers are able to provide the buyer with the business profile.

-Paragon brokers will continue working with the buyer to find a business that fits the buyer's interests without the need to sign an additional NDA for up to 24 months.

2. PACKAGE OF INFORMATION

-Buyer is provided with preliminary financials and business data.

-When the buyer is interested in the business provided by Paragon, the broker would make a private appointment for a phone conference with the seller, to run through any questions that the buyer may have.

Additionally, a face-to-face meeting, scheduled either before or after business hours, will be arranged for the buyer to walk through the business alongside the owner. (This doesn't apply to e-commerce businesses.)

Due Diligence

3. BPA AND DUE DILIGENCE

Upon a thorough review of the business alongside the owner, if the buyer decides to proceed and wishes to validate financial details and expenses, the next step is making an offer. Paragon Brokers will create the Business Purchase Agreement (BPA), outlining conditions and the timeframe of the contingency based on the information in the listing profile and the detailed discussion with the buyer.

This BPA remains subject to the buyer's independent scrutiny of financial documents and other requested data during a due diligence period lasting around 2 to 3 weeks, as agreed upon by both parties.

Should the buyer find any concerns with financial documents or other provided information, they have the flexibility to cancel the BPA at any point within the due diligence period. This ensures a transparent and informed decision-making process.

Escrow

4. OPEN ESCROW

Once the buyer has thoroughly reviewed the business data and financials and is satisfied with their investigation, both the buyer and seller will begin the escrow process with a Bulk Sale escrow company.

Paragon Brokers will assist the buyer in getting ready for the Assignment process with the landlord. We'll provide guidance in preparing the Business Plan, Proposal, and Resume. Before submission to the landlord, these documents will be subject to the buyer's review and approval.

The escrow procedure typically spans around 21 working days from the time both parties endorse the escrow package. After the landlord gives their approval and the lease documents are prepared for both parties' signatures, the buyer will deposit the remaining closing funds into the escrow account.

The escrow process concludes following established procedures. This step ensures a transparent and efficient transition.