To take over a small business, you’ll first want to get a valuation for the business and find out how much that’s worth. Then you can make an offer to the current owner. If they accept, you can submit a letter of intent and go under contract. At this point, you’ll need to secure financing to buy the business. While you’re doing that, make sure you complete due diligence and thoroughly review the business’s financials, organization, and legal standing. When you’ve done due diligence and secured funding, you can close on the business. In most cases, you should hire an attorney to help you take over a small business.