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 nearly $150 million dollars worth of online businesses and we want you to have a safe and secure buying experience.
How to Use Our Marketplace to Find the Best Deal
If you’re feeling a bit overwhelmed looking at our marketplace, don’t worry! We’ve got a few handy tips to help you narrow down your search so you can look at online businesses that meet your criteria.
After you’ve registered and logged in, start by clicking on the filter button, which is found on the far right of all the customization options.
You can filter listings by a huge combination of criteria so you only see businesses that match your due diligence checklist, which saves you from scanning dozens of listings that are currently live.
Some of the criteria you can filter by include:
- Niche (e.g. health & fitness, apparel & accessories, technology)
- Monetization (e.g. display advertising, Amazon FBA, SaaS)
- Revenue and profit
- How many hours it takes for the seller to maintain the business
If you see a business that ticks all the right boxes and you want to look deeper, you’ll need to unlock the listing.
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.
To verify your ID, submit one of these documents
- Driver’s license
We prefer these documents to be in English. If we can’t translate your ID, it’ll be rejected until we can verify it.
We take this small but simple step to maintain the integrity of our marketplace by making sure all of our buyers and sellers verify their identity.
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.
For listings below $100,000, you can take your interest further by talking directly to the seller via our platform by clicking the “Ask the Seller a Question” icon.
If a listing is over $100,000, you can schedule a call directly with the seller on the listing.
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 your offer is below the listing price, the listing will be on circulation, meaning that it’ll be open to counter offers for up to 24 hours.
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.
On the other hand, you can click “Buy Now” to instantly buy the business at the listing price.
How to Buy a Business Instantly
The option to buy a business right away is available for all of our 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.
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.
Once your offer has been approved by the seller, all that’s left is for your wire to arrive in our account and 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.