What is the Buying Process Like at Empire Flippers?
If you’re looking to buy the right profitable asset for you, you’ve come to the right place. We’ve helped people buy and sell hundreds of millions of dollars worth of online businesses and we want you to have a safe and secure buying experience.
How to Unlock a Listing
You’ll need to complete two steps before you can unlock a listing: verifying your ID and providing Proof of Funds.
We require that all buyers demonstrate proof of funds so we can best match you with listings within your criteria. You can connect your bank account or upload financial documents to meet these requirements.
However, you won’t be able to see detailed information if you just verify your ID and proof of funds. To see more intimate details of the business, you’ll need to unlock the listing. You’ll then be able to see proof of earnings, traffic, and other intimate details of the business.
Listings Below $300K
For listings below $300,000, you can take your interest further by talking directly to the seller via our platform by clicking the “Ask the Seller a Question” icon.
With listings in this price range, there tend to be fewer moving parts. We’ve found that deals are done quicker by allowing buyers to take a more direct approach.
To help out, we’ll monitor the thread to clear up any questions or clarify any confusion that crops up. It’s important to keep correspondence in this thread; any offer made by a buyer outside of the platform is considered an informal offer. We’ll only take an offer seriously if it’s done within the platform.
Listings Above $300K
If a listing is over $300,000, it’s understandable that you might want to find out more about the business.
When you unlock a business in this price range, it will start an email thread with a Business Advisor. You can reach out to them with any questions you may have about the listing.
You can schedule a call directly with the seller on the listing page. A Business Advisor will hop on the call also to introduce you to the seller and help negotiate a deal for both parties.
After you’ve weighed up your options and you’re ready to go all in, it’s time to make your offer.
How to Make an Offer (the Circulation Period)
Once you’ve verified your ID and provided proof of funds, After you’ve completed your due diligence, you can submit an offer for a listing.
If you submit an offer, the listing will be in circulation. This means that it’ll be open to counter offers for up to 24 hours from buyers who had the listing unlocked at the moment the offer was accepted.
If a counter offer is received from another buyer during this time, the circulation period will reset and run for another 24 hours. This is to give you enough time to make a decision on whether you want to place another offer or buy the listing at full price.
The seller will need to pick their final offer after the 24 hours are over.
Note that if the seller doesn’t counter your offer directly, you won’t know whether yours has been chosen.
Remember to always communicate with a seller through our system in order to make offers official. Any offers made and accepted outside of our platform will be considered as an informal offer and we can only provide our services for deals completed within our platform.
Counteroffers must be at least 10% higher than the initial offer. The most anyone can offer is the listing price.
Once your offer has been accepted and the circulation period has ended, we will confirm that you have secured the purchase. At this point, please wire funds as soon as possible so we can start the process of transferring the business to you.
To get ahead of the game, you can initiate the transfer after the offer has been accepted, or ahead of time via credit on file, and we can then transfer the funds toward the purchase once the circulation ends.
The option to do this can be found in your Empire Flippers Wallet.
On the other hand, you can click “Buy Now” to instantly buy the business at the listing price and avoid the circulation period altogether. But, please be aware that the ‘Buy Now’ button won’t be available for a listing that is in circulation.
How to Buy a Business Instantly
The option to buy a business right away is available for listings by clicking the “Buy Now” button that’s next to the “Unlock Listing” icon, where you’ll be directed to a page with our wire instructions.
If a listing goes into circulation the “Buy Now” button will be unavailable. To purchase the business at the full list price, you can send an offer for the full list amount and send the funds as soon as possible to avoid missing out.
You can either place a 10% non-refundable down payment to hold the listing until you wire the remaining amount, or pay the entire listing fee immediately.
Either way, please wire funds as soon as possible to secure the listing. Then we’ll start the transfer of ownership of the online business from the seller to you.
We’ll then mark the listing as sold and start the migration process.
Migrations: The Final Stretch to Acquiring Your New Business
During this time, Empire Flippers holds the funds like an escrow account. This is done so we can ensure that the business successfully transfers over.
After the business is under your ownership, you’ll have two weeks to verify that the business runs as advertised and that nothing was grossly misrepresented, such as traffic or revenue numbers. Once you confirm that everything is in order as expected, we’ll release the funds to the seller.
It sounds easy to migrate an online business, but there are a fair few steps involved and if you get any of them wrong, it can delay the transfer process by weeks or even months.
We’re the only broker who helps migrate a business from a seller to a buyer; this extra added service allows buyers to focus on preparing to run their new asset.
And that’s our buying process in a nutshell! Schedule a call with our team of business analysts to kickstart your buying journey so you can start building long-term wealth.