BatonUSA’s process begins first with an Apprentice Applicant telling us the Type of Business and the Location (Any Type any United States Location) of their choice. The Matching begins after the Approved Applicant completes BatonUSA’s Registration. We find out what you want, then a match is possible. According to Inc. Magazine (April 2008) there are over 10,000,000 “Baby Boomers” in the USA that are going to want to sell their business in the next few years. TELL US WHAT YOU WANT, A MATCH IS POSSIBLE!
First thing we would recommend is to follow your heart. If you pray, ask God for direction. What do you love to do? Some businesses require technical or vocational training. For example, if you want to own a motorcyle repair shop, first go to school to learn how to be a motorcycle repairperson, then apply for our business owneship apprentice program. If you are concerned about the time it takes to complete such training, then NOW would be the time to start! Any industry is good as long as the owner of the business can service their debts and earn an honest living from it. If you find yourself doing what you love to do for work you will never work a day of your life. Follow your heart.
Now that we are working exclusively for Honorably Discharged United States Military Personnel or their spouse, children and grandchildren there is no fee to the Apprentice/Buyer. The Business Owner/Seller pays BatonUSA’s fees. Then you pay them when you buy their business. It all works out in benefit of all.
You do not need to have “stellar” credit to be accepted in our program. BatonUSA’s Account Manager can make recommendations throughout the program to improve your credit scores.
This depends upon your previous experience within the “type” of business for which you are being matched, your comfort level in taking control of the busines and the Owner’s confidence in you taking that control. Lenders working with SBA backed loans generally would like to see you have at least 2 years working knowledge in the industry of your purchase, and some management experience. BatonUSA helps you meet the qualifications. If you already have over two years working knowledge and management experience then your Apprentice/Buyer Program could be a relatively short one.
The final procedure before submitting a Letter of Intent (LOI) to the Business Owner/Seller is to obtain a preliminary lender review. BatonUSA, with your permission, will submit a complete package of information about you and the business to a participating preferred SBA lender. The lender will analyze the data contained within that package and determine, based upon the current requirements, what is needed to complete the SBA backed loan. Requirements of an SBA backed loan may change as time goes on. By having a preliminary lender review completed before making an offer to work as an Apprentice/Buyer will help to show what requirements, if any, need be satisfied before submitting a formal loan request to purchase the business. Your offer to purchase the business through the LOI will be contingent upon final lender approval.
No, you do not have to wait to apply. You should be within a 3 month window of your discharge from military service.
They would begin the process the same as you. First they would select the Get Started Today! blue button on the Home page. We would then contact them and send an Application Packet for them to complete. Then they will mail the completed Application Packet to BatonUSA, P. O. Box 3003, Othello, WA 99344. A copy of your DD214 will be required in the Application Packet.
We don’t trust the internet.
BatonUSA will gather company information such as: 1) 3 – 5 year federal tax returns; 2) 3 – 5 years Profit & Loss Statements; 3) 3 -5 year Balance Statements; 4) Current year to date P & L Statement; 5) Current Balance Statement; 6) Equipment list; 7) How many employees F/T, P/T, wages/salaries, key employees; 8) Customer base; 9) Corporate structure; 10) Corporate officers; 11) Pending legal disputes; 12) Past legal disputes; 13) Shareholder Info; 14) Primary Business Activity; 15) Is it a franchise and/or licensee; 16) Patents, trademarks or any copyrights; 17) Major vendors; 18) Major Clients/Customers; 19) Marketing program; 20) Sales programs; 21) Competition, like sized & larger; 22) Year founded; 23) Licenses required to operate; 24) Any regulatory fines/judgements; 25) History of discrimination?; 26) Any sexual harassment or other related filings; 27) Property owned or lease? If owned for sale, lease or option?; 28) Community area report; 29) EBITDA & seller’s discretionary income; 30) Expansion/growth opportunities.
This information will be used to produce an Executive Business Summary for the Apprentice/Buyer and an Opinion of Value Report for the Business Owner/Seller. The Opinion of Value Report will also be shared with the Apprentice/Buyer. However, the conclusion of the report regarding the value will be omitted in the Apprentice/Buyer’s copy. We will be receiving, for our consulting inter-mediator service, a fee paid by the Business Owner/Seller. The fee is based upon the Purchase/Sale price of the business. BatonUSA does not want to influence the Apprentice/Buyer on their offer for the business based upon what BatonUSA has for an opinion of value. All other relevant information regarding the business will remain in the report.
You will receive the Summary and the Opinion of Value on every business we find as a match.