These are the four phases to buying a business.
Identify – locate the business that you would like to purchase
Offer – determine a price and make an offer for the purchase of the business through a business broker. Negotiate the price until both parties are satisfied
Subjects – subjects are the conditions to your offer and include items such as financial due diligence and transferring of contracts and licenses. These need to be satisfied by both the buyer and seller for the deal to continue forward
Closing – on this day the final money is given to the seller and the keys to the business are given to the buyer. This is also called completion. Furthermore on this day often an adjustment is done for deposits, inventory, prepaid expense.