The purchase of a business may be the most significant financial decision of your life. It should be a process – not an impulse buy just because it “feels good.” Some considerations you need to evaluate are:
- Should you start your own business or buy an existing one?
- What do you like to do – or, more importantly, what do you NOT like doing?
- What is the competition doing in this market?
- Do you have a Marketing Plan?
- Can you support yourself and your family through the initial phases of starting
or learning a new business?
- Do you have the full support of your family?
- How do you get financing – and how much will you need?
- Do you have the experience and mental stamina to
run your own show – and deal with the many ups and downs? Be honest! - Should you bring in a partner – and if so, how?
- Where do you go to get industry and operational research?
- Should you consider a Franchise?
These are but a few of the many questions you need to answer before you start the process. Let us help you think through this maze. Buckhead Business Brokers has more than 5,000 businesses for sale in our databases. Tell us what you are looking for and let us do a preliminary search for you - no cost or obligation.
In residential real estate, sellers want everyone to know their home is for sale. This is rarely the case in selling a business. How many “Business for Sale” signs have you ever seen?
Business sales must be conducted in the strictest confidence to protect the ongoing viability of the business. If word gets out that a business is for sale, employees flee, competitors pounce, suppliers fret, and the entire future of the business is in jeopardy.
A few thoughts about preparing your business for sale:
You must have good, clean, accurate financial records. Businesses are mostly bought on a basis of cash flow – which can only be determined from financial records. You cannot beat the Tax man for years and expect to get top dollar.
What is your time worth? How do you recast your financial records to show true value? Can and should you assist the buyer in obtaining financing?
Should you try to sell your business yourself and save the commission? Nice if you can do it – but a Business Broker should evaluate what your business is worth – at no cost. More than likely, the use of a Business Brokers will get you more money with less hassle.
