The key is to find the right opportunity for you as a Buyer, and make it your perfect business. Once a buyer has decided to do this, the question then becomes “What business is the perfect opportunity for me?”
Ask yourself “What is my reason for buying a business?” The honest answer is sometimes hidden beneath our needs and wants, but the eventual outcome must address your underlying motivation for buying.
Ask and answer the following questions, before you start shopping… Is there a minimum level of income you require? What level of cash do you have available for both the down payment and closing expenses? What timeframe are you working with, are you a buyer today or in 6 months? When would you be available to run the business? Are you going to work in the business full-time or is you goal to be an absentee owner?
Then make a list of all the business types that do not interest you. This will narrow the field and keeps you open to opportunities that you may have otherwise over-looked. When shopping for a business opportunity knowing what you specifically want is great, but not a necessity. Many buyers are not able to narrow their interests when they begin their search.
Once you complete the above start your search by scheduling an appointment with a business broker. They can show a buyer a variety of businesses that are legitimately interested in selling and help them through the purchase process. With plenty of businesses to choose from in today’s market, it is more important than ever to make sure that their efforts remain focused on choosing the right business for them.
Do you have small business questions you would like answered about this article or others? Please visit www.VRWindsor.com or call 519-903-7807.
William Sivell is a sales representative of VR Windsor Inc., Business Brokerage; his blog appears every Tuesday.
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