The seller will review your offer and either decide to accept, counter or reject the offer. Please go to ”What Is the Buying Process” tab the website to see the steps involved in the purchase of a business. After the terms have been agreed to, the due diligence process starts. This is where the buyer verifies that the seller’s representations are accurate. Also, at the same time, the attorney(s) should begin to prepare the closing documents. Note that many brokers believe that hiring a transaction attorney to draw up the documents, which are then reviewed by both buyer’s and seller’s attorneys, is the most efficient and cost-effective process. Some buyers prefer not to start the legal process until the due diligence has been completed. This may or may not be wise, depending upon the time frame for closing the transaction. The prevailing experience is good deals close quickly and bad deals linger.