Buyers

Business ownership is an exciting opportunity.  While there are certainly no guarantees, with hard, disciplined work, business ownership can provide significant financial returns and professional satisfaction.  Making business ownership accessible has been one of our country's greatest successes.  For good reason, the U.S. small-business owner is envied the world over.

Buying an Existing Business versus a Start-Up

There are measurable advantages to buying an established business.
(1) Customer response to the service/product offering is known and measurable (not a guesstimate), and provides a base on which to build.
(2) Significant start-up costs have been covered by the original owner.
(3) A buyer can see in real-time, how the elements that make up the business have come together.
(4) Infrastructure and supply vendors have been established.
(5) You start business day one with experienced employees with a known track record.
(6) Historical data has been established, enabling accurate measurement of costs and revenues.
(7) For businesses under $2 million US, Small Business Administration (SBA) financing may be available (Joanne and Paul have in depth experience with financing options). 

Experience and Strengths

Many looking to buy already have a solid understanding of their strengths and limitations, and may even have previous experience running the same or similar business.  Buyers must consider their interests, strengths, past experience, and desired geographical area.  Businesses can be potentially rewarding; nonetheless, owning a business requires diligence, planning, and hard work.  Some businesses require extensive experience or special licensing.  If you don't have experience with a particular line of business or industry, make a point to discuss this with your Sales Specialist.

The Process

Your Business Broker or Advisor will help you examine the market for businesses opportunities.  Once you have evaluated and selected a business, Joanne and Paul will help guide you through obtaining financing and making an offer.

A few things should be considered.  Down payments are an important indicator to the Seller of a buyer's commitment.  Don't take offense if a seller asks for a resume and/or a personal financial statement.  Lenders and Landlords will require this information anyway, so it doesn't hurt to have it in order.

In nearly any transaction, time is of the essence.  Offers should be submitted quickly with a request for swift return-of-acceptance.  The seller has likely invested considerable time, effort, and treasure in building-up the business.  In an owners eyes, low-ball offers may be viewed as a personal affront.

Working closely with your transaction broker to ensure the sale proceeds to a quick, clean close, is the proven method of ensuring success.