How does the process work/what are the steps?
We would need to know how well the buyer knows and understands the business he/she is acquiring. Typically when acting for a buyer we would wish to raise enquiries about the business and have the seller make contractual promises about the replies given. The object is for the buyer to know exactly what he is purchasing (before he buys) so he can assess whether he wishes to proceed, and whether he wishes to do so at the price originally agreed.