Do you dream of owning your own business?
Buying a business can be a complicated procedure, from finding the right one to working out all the details required for a smooth transfer of ownership.
While there is no such thing as the “perfect” business, we know the importance of finding one that fits your needs, talents, skills and lifestyle. We have many different types of businesses for you to consider and the knowledge and experience to walk you through the entire process.
Below you will find some helpful information as you consider whether buying a business is right for you.
For Business Buyers
Going into business for yourself is a big step, one that can be full of apprehension and even fear. Almost 90 percent of all those who purchase a small business have never owned a business. Most of them bought a business that was different than what they had been looking for. These buyers had the opportunity to explore the marketplace and subsequently found a business more to their liking.
Most buyers are looking for many of the following when considering the purchase of a business:
- Pride in the service or the product
- Control of own destiny
- Customer and employee contact
The Bottom Line
Being in business for yourself can be a daunting prospect. There are no guarantees. At some point, after all of your investigation is completed, you will still have to make that “leap of faith” that is necessary to proceed with the purchase of the business. You will have to work hard, perhaps even “tighten your belt” a little, and perform many different jobs to be successful in your own business. But, if running your own show, making your own decisions, not having to worry about job security and just being on your own are important – then owning a business is for you. After taking this leap of faith, almost all business owners will tell you that they would never go back to being an employee.
What should you look for when considering a business to purchase?
Unfortunately, too many prospective buyers want to know the asking price first and then ask how much money they can make. These are good questions to ask, however you may want to learn more about the business itself first and we want to learn more about you. You need to honestly fill out our Buyers Interview and Non Disclosure Form. Without this important information, it makes finding the right business for you very difficult. After reviewing businesses that match your criteria, we will be able to assist with substantial financing if needed, retrieve more information on the business. It’s a smart approach and all part of the learning process.
Get the Basic Facts
The business has to be able to meet your basic financial needs. You always expect a business to improve under your ownership, but you have to be able to meet your living expenses as well as meet the debt service of the business. This is why filling our our Buyers Interview is so important. It helps us match your criteria with all the businesses we curretnly have for sale. It also helps us get those questions answered that have a bearing on whether you may want to own and operate this particular business.
For Business Buyers
The next step to buying your own business is to make sure it is the right move for you and your family. Owning one’s own business is still very much “the great American dream,” but it’s not for everybody. Here are some questions that you should ask yourself before taking the next step.
How long have you been thinking about buying a business?
Many people are interested in buying their own business, but are not willing to make the commitment necessary to move forward. They continue to look and look, but never make the commitment to buy. Are you ready to own “the great American dream?”
What is your primary reason for buying a business?
If you are not motivated to buy a business, you won’t. You must go into business for yourself for the right reasons. If you’re tired of the corporate world, just have a “job-job,” or perhaps even a dead-end job, then business ownership may be right for you. Certainly if you’re unemployed or being transferred to a place where you don’t want to go – buying your own business can be a viable solution.
Do you have reasonable expectations?
Do you think that you can buy a business with lots of cash flow for $100? It’s important that you have realistic expectations about what your money will buy. Many sellers are willing to assist in financing the sale of their business, but remember, they’re not going to give it away. Keep in mind that many business owners have spent years building their business, and it may represent the biggest financial asset they have.
Do You Have More Questions?
Be sure to visit Buyer FAQ for answers to the following questions:
- Why should I buy a business rather than start one?
- What is the real reason people go into business for themselves?
- What happens when I find a business I want to buy?
- Why should I go to a business broker?