How To Find The Right Business For You
Over 40% of people who buy a business end up being unhappy with it because they bought the wrong one, or bought for the wring reason.
So how do you find the business that is right for you? And more importantly, how do you insure that you are not wasting your time during the search process?
The Buyer Broker Process
Finding a business to purchase should be the final step in a process that begins with an evaluation of your skills and interests and a sound financial assessment.
Prior to buying a business, your Exclusive Business Broker will determine your budget and what types of business you are qualified to run and would enjoy owning.
It is helpful to look for a business that has some connection to types of work you’ve done in the past, or perhaps skills you’ve developed through a job or hobby. It’s almost always a mistake to buy a business you know little about.
Your lack of knowledge about the industry may create a steep learning curve that may hinder your ability to turn a profit with your new business.
It is also import to choose a business that you’re excited by.
It’s much easier to succeed in business when you enjoy the work you’re doing.
The following is a short list of questions that are contained in a BUYER PROFILE.
Any Business Broker “Worth His Salt” will have a Buyer Profile Questionnaire that you will be required to fill out so they can match you to the right business.
Here is a short sample of a few of the questions I ask from my buyers:
- Why do you want to own a business?
- What types of businesses are you most interest in owning? Why?
- What skills will you bring to the business?
- Do you want to be a hands-on or absentee owner?
- What type of work schedule would you prefer?
- How far from your home would you be willing to travel to your business?
- How much do you expect to earn from your business?
- How do you plan on financing the purchase?
- What are your strengths and weaknesses?
It’s highly recommended that you enlist the aid of a Professional Business Broker during your search process.
- A Business Buyer Broker can provide you with access to businesses for sale that you will not find on your own.
- A Business Buyer Broker, will have access to thousands of available business that are advertised publicly as being for sale.
- A Business Buyer Broker will tailor your search to your unique criteria of industry, revenue range, cash flow, location, management capabilities and other parameters.
- Before presenting opportunities, a Business Buyer Broker will investigate them through an initial valuation and due diligence process to ensure the quality of the opportunity and a match against the established criteria.
- A Business Buyer Broker serves a valuable role to Buyers who are aggravated by the time wasted reviewing business opportunities not suited to their needs.
If you would like to learn more information about How To Find The Right Business For You, feel free to contact us today.