Buying An Existing Business Part VI of IX
Buying An Existing Business Part VI of IX
There are several different ways to find and purchase a small business. You might seek out business brokers that specialize in selling small businesses; you can search the Internet, look in the Newspaper's Classified Advertising under "Business for Sale", ask your friends or even drive around the business community searching for a business.
Here is a list of some additional resources:
The Yellow Pages
The Public Library
The Secretary Of State
Business Opportunities Advertisements
Trade Magazines
Trade Organizations
Suppliers
Banks
Accountants
Commercial Real Estate Firms
Attorneys
Place Your Own Advertisement
And finally, you don't have to limit your search to businesses that have been listed for sale. Should you find a business that you might be interested in owning, seek out the owner and let him/her know your interested purchasing their business.
You will find there are many small businesses out there for sale. There are also many great deals. Finding them is not the problem. I’ve found thousands in my 25 years as a Business Broker. The big problem is making sure they do what they say they do.
Using a Professional Business Broker to discover businesses for sale, will reduce your time and effort to do that work, and also reduces the loss of your enthusiasm caused by failures and rejections. The Professional Business Broker also finds businesses that you might never locate through your own efforts. Moreover, if you are not sure of the type of business being sought the broker can make suggestions. Here, however, I must warn you: not all brokers are good judges of a buyers’ qualifications. The problem, therefore, is you could waste time pursuing an unsuitable business.
Questions You Should Ask A Business Broker:
What is your background and experience?
Are you a member of a trade association?
Do you hold any accreditations?
What services do you provide?
Who do you represent?
What You Should Expect From A Business Broker:
Business brokers can screen businesses for you. The better business brokers avoid listing many of businesses because the seller fails to provide full financial disclosure or because the seller has overpriced the business. Use of a broker will helps you avoid these pitfalls.
A professional business broker begins by discovering your interests, skills and financial situation. The Broker will then assist you selecting the right business fit. With the aid of a professional business broker, you may uncover that a small business you had never thought about.
Buying and selling of a small businesses is an emotional experience for both the buyer and seller. A professional business broker helps both buyer and seller to stay on track during the transaction and help to minimize concerns that might come up.
The professional business broker is aware of the current laws and regulations associated with licenses and permits. They are aware of the best ways to cut through red tape and can cut months off the buying process. Using a professional business broker reduces the possibility that you might forget some crucial forms, fees or steps in the process.
A Few Of The Services Offered By A Professional Business Broker Include:
Collecting and analyzing financial and other data.
Preparing answers to buyers’ questions.
Writing a letter of intent for buyers based on buyer's terms.
Mediating the negotiation.
Assisting buyer in filling out applications for permits.
Assisting buyer in filling out applications for insurance.
Assisting buyer with the lease.
Mediating conflicts, if any, between buyer and seller.
Providing and receiving guidance to and from attorneys and accountants.
Holding deposits in a trust account.
Preparing a closing statement.
Helping setup escrow.
Arranging and attending the closing.
Performing various post-closing services.
Coordinating All of the above steps.
Maintaining files for future reference.
In conclusion keep in mind when looking for a small, existing business there are many excellent businesses on the market at any given time. Have patience and take you time to find the business that is right for you. Buying a business will change your lifestyle and the decision to buy can be highly emotional.
Success in your quest!
Buying An Existing Business Part VI of IX - To learn more about this author, visit Bob Macek's Website.
Like this article? Share it with your friends
Finding A Small, Existing Business
There are several different ways to find and purchase a small business. You might seek out business brokers that specialize in selling small businesses; you can search the Internet, look in the Newspaper's Classified Advertising under "Business for Sale", ask your friends or even drive around the business community searching for a business.
Here is a list of some additional resources:
The Yellow Pages
The Public Library
The Secretary Of State
Business Opportunities Advertisements
Trade Magazines
Trade Organizations
Suppliers
Banks
Accountants
Commercial Real Estate Firms
Attorneys
Place Your Own Advertisement
And finally, you don't have to limit your search to businesses that have been listed for sale. Should you find a business that you might be interested in owning, seek out the owner and let him/her know your interested purchasing their business.
You will find there are many small businesses out there for sale. There are also many great deals. Finding them is not the problem. I’ve found thousands in my 25 years as a Business Broker. The big problem is making sure they do what they say they do.
Using a Professional Business Broker to discover businesses for sale, will reduce your time and effort to do that work, and also reduces the loss of your enthusiasm caused by failures and rejections. The Professional Business Broker also finds businesses that you might never locate through your own efforts. Moreover, if you are not sure of the type of business being sought the broker can make suggestions. Here, however, I must warn you: not all brokers are good judges of a buyers’ qualifications. The problem, therefore, is you could waste time pursuing an unsuitable business.
Questions You Should Ask A Business Broker:
What is your background and experience?
Are you a member of a trade association?
Do you hold any accreditations?
What services do you provide?
Who do you represent?
What You Should Expect From A Business Broker:
Business brokers can screen businesses for you. The better business brokers avoid listing many of businesses because the seller fails to provide full financial disclosure or because the seller has overpriced the business. Use of a broker will helps you avoid these pitfalls.
A professional business broker begins by discovering your interests, skills and financial situation. The Broker will then assist you selecting the right business fit. With the aid of a professional business broker, you may uncover that a small business you had never thought about.
Buying and selling of a small businesses is an emotional experience for both the buyer and seller. A professional business broker helps both buyer and seller to stay on track during the transaction and help to minimize concerns that might come up.
The professional business broker is aware of the current laws and regulations associated with licenses and permits. They are aware of the best ways to cut through red tape and can cut months off the buying process. Using a professional business broker reduces the possibility that you might forget some crucial forms, fees or steps in the process.
A Few Of The Services Offered By A Professional Business Broker Include:
Collecting and analyzing financial and other data.
Preparing answers to buyers’ questions.
Writing a letter of intent for buyers based on buyer's terms.
Mediating the negotiation.
Assisting buyer in filling out applications for permits.
Assisting buyer in filling out applications for insurance.
Assisting buyer with the lease.
Mediating conflicts, if any, between buyer and seller.
Providing and receiving guidance to and from attorneys and accountants.
Holding deposits in a trust account.
Preparing a closing statement.
Helping setup escrow.
Arranging and attending the closing.
Performing various post-closing services.
Coordinating All of the above steps.
Maintaining files for future reference.
In conclusion keep in mind when looking for a small, existing business there are many excellent businesses on the market at any given time. Have patience and take you time to find the business that is right for you. Buying a business will change your lifestyle and the decision to buy can be highly emotional.
Success in your quest!
Buying An Existing Business Part VI of IX - To learn more about this author, visit Bob Macek's Website.
Like this article? Share it with your friends
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Staging DivaDebra Gould, aka The Staging Diva®, is President of Six Elements Inc., an internationally recognized home staging company. Inspired by many requests from aspiring home stagers wanting to start similar businesses, Gould created the Staging Diva Home Staging Business Training Program. Gould has trained over 1000 Staging Diva Graduates worldwide to start staging businesses. Buying decorating and selling six of her own homes in four years lead to an interest in real estate staging which she turned into a career with the launch of sixelements.com in 2002. Since then she has staged hundreds of homes in addition to teaching home staging training. Gould is the author of several home staging resources including a series of popular ebooks made up of a Design Guide, Color Guide and Portfolio Guide. For more information about Debra Gould visit stagingdiva.com. - Visit Staging Diva's Website |
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David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
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Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
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