How Does the Unlock Process Work?
Want to see what the businesses we have for sale are all about?
Well, first you need to Unlock the listing within our marketplace — register here for a free account.
When you register to use our marketplace, it will open up a suite of useful buyer tools that will help you minimize the actual time it takes for you to do due diligence. The account is 100% free to register and to browse the locked version of our listings, plus we provide a lot of additional downloadable resources to help you with your acquisition journey.
When you’e ready to take a deeper dive into a business, that is when you’ll need to understand our Unlock process.
First Off, Why Do We “Lock” Businesses in the First Place?
We redact sensitive information that can identify the business in the public eye. The reasoning we do this is to first protect the seller against copycats, but also to protect the future buyer of the asset from suddenly finding themselves competing against a bunch of “new” competitors. In the end, locking the listing like we do protects you when you decide to acquire off our marketplace. The locking process also helps us cut out tire kickers, time wasters, and unqualified buyers to help make sure our sellers are spending their time with only the most likely purchaser of their business.
If you’re looking to buy a business from us though, then you’re probably curious how you can get access to the crucial last bits of intimate data you need to make your final decision on a business. Let’s dive into exactly how you can do that.
How to Unlock a Business to Dive Deeper
When you enter our marketplace you’ll be greeted with all of our active listings for sale:
Once you find a listing you like, simply click on the listing ID # shown above to be brought to the listing page:
As you can see, this listing is locked which hides the more intimate data of the business. All you have to do to unlock the business is click the “Unlock Listing”, follow the instructions on choosing your unlock method and within a few hours to a few days depending on the unlock method you chose, you’ll be able to see the business details that will help you complete your final due diligence checks.
The Unlock Steps
- Credit Card
- Credit on File (CoF)
- Proof of Funds
The credit card unlock option will provide you the fastest turn around to view the listing. Because we have proof of your intent right away, you’ll be able to unlock a listing instantly to continue your due diligence research. Keep in mind that all credit card unlocks are 100% refundable. We do this simply as a qualifier of your intent to purchasing a business and nothing more. Even if you ended up buying the business you’re looking at, we will still refund this money and require you to send us a bank wire for the acquisition.
The process is straightforward. All you have to do is click on the Credit Card option and a new pop-up will appear:
Follow the steps by entering all the relevant information and you’ll be able to unlock the listing right away.
Credit on File (CoF)
The next option to unlock a listing is the CoF process. This process is where you wire us money to our bank accounts and we keep the record of it, which will allow you to unlock a business and allow you to speed up your ability to purchase a business. CoF is an important tool of leverage when it comes to making sure you get the business you want, because it allows you to beat out competitor buyers that are slowed down by having send in another bank wire for the purchase of the business. Versus with CoF you can “instantly” purchase the business and start the migration process before your competitors wire ever gets to our bank accounts.
This can be the difference of a successful acquisition or losing out to a competing buyer whose wire hit our bank account first.
To start the CoF process just click on the Send Credit on File button to launch the pop-up:
You will first need to verify your identity. You can choose a few different document types to upload to prove who you say you are in the Select Document Type drop down:
- Driver’s license
- Other government ID documentation
Once you’ve selected the type of document, you will want to upload the photo of of the document. The photos we require change based off the type of documentation you’re using. If you’re using a driver’s license or government ID we’ll need both the front and back side of the ID. If you’re using a passport we’ll need the photo page as well as the data page of your passport.
The next step we require is you uploading a selfie photo with you holding your preferred documentation up along with a piece of paper that says “Empire Flippers” and the date the photo was taken:
Once you’ve completed the verification process, you will enter in your bank details where the CoF is coming from. Keep in mind this is only for our accounting team purposes so we can match incoming wires with your unlock process.
You will still need to send us the actual bank wire.
We need your information though in order to identify that the money is from you for your CoF.
When you’re finished entering your bank details, make sure you copy our one-time code we’ll give you and use that on your wire transfer memo. This code helps us identify that the wire coming into our bank account is for credit on file and helps us to match it with your account.
The process itself will take between 2-5 business days as we have to wait for your wire to actually hit our bank accounts. Once that is done, you will be given five unlock uses of any business on our marketplace for you to review in deeper detail.
Proof of Funds
Proof of Funds is the unlock method to show us that you have the liquidity required to buy the business you’re doing due diligence on. You will need to still verify your identity just like the process above first. Once you’ve verified your identity you will be greeted by a new form asking you what kind of proof of funds you will be using.
You can demonstrate your funds by uploading various documents:
- Bank account statement
- Stock portfolio
- CPA letter
- Home equity line of credit (HELOC)
- Other Available Credit Status
Once you’ve chosen the document type, you will need to upload that statement. After that, just hit the “Submit” button and your Proof of Funds will be reviewed by our team:
The review process will take up to 24 hours before your unlock will be approved. Once your proof of funds is approved, you’ll receive a VIP code that will give you additional unlock privileges for other businesses for sale on our marketplace.
What Happens When You Use All of Your Unlocks?
When you use the methods above, you will be given a number of unlocks that you can use to start diving deeper into our marketplace. You might feel like you need to be a bit cautious because you only have so many unlocks, right?
Well, you don’t have to worry about that.
We want you to view as many businesses as possible that makes sense with your criteria. All you have to do to get more unlocks is to communicate with us that you’d like more. Since you’ve already verified your funds and intent with us, we are almost always more than happy to give you more unlocks to make sure you find the perfect acquisition.
The only thing you need to do to get more unlocks is to reach out to us. You can either reach out to us via the live chat we have when you login to your account, or by scheduling a call with us.
We’ll get you lined up with more unlocks so you can continue looking through our marketplace for the right business.
Buying a Business on Empire Flippers
Following any of the above methods will get you one step closer to making your dream acquisition. We understand that the process of buying a business can feel overwhelming though, even with all the steps laid out for you. Because of this, we offer free consultation calls to help you understand the process better.
Our criteria calls with our business analysts are designed to help you make the best possible choice that aligns with your budget, your personal and business goals, along with your current skill sets. These calls can last anywhere between twenty minutes upwards to an hour depending on your background, needs and questions that you have for us to answer.
If you’re ready to start making moves and to take a deeper look at the profitable businesses we have for sale on our marketplace, then schedule a call by clicking the link below: