You could start by reviewing the classified ads, searching online for businesses for sale, or even contacting business brokers. Most prospective business buyers spend all their time looking at one business after another, encountering all kinds of variables and questions they're not prepared for, and then, try to determine which, if any, may be right for them.
Unfortunately, this is completely the wrong approach!
It's also terribly frustrating, time-consuming and more often than not, a waste of time. Rather than just sit and go through the ‘businesses for sale’ ads, you need to harness the services and skills of Performance Business Sales (PBS). We understand the politics and protocols involved in buying a business, as well as all the subtle nuances and hidden dangers that so often trip up the unwary.
At Performance Business Sales we have developed a unique business buying process that involves matching existing businesses with buyers using a sophisticated business target database program.
Most of the businesses we sell are never advertised in the conventional way and yet we can find you a business that’s profitable and ideally matches your skills, abilities, needs and desires.
If you want to go about buying a business the right way, there are the four critical steps you must follow:
Educate and prepare yourself fully for each stage of the buying process.
Determine with absolute certainty what type of industry is right for you and then focus your search strictly on businesses in that sector. If you don’t know precisely what to look for, it will be difficult, if not impossible, to find a good business. Remember, this is a buying process, not a looking process! The longer you look, the greater the chances you'll never buy.
Put together an offer with contingency conditions that will protect you now and in the future. Remember, pay for the past, consider the present, but buy it for the future.
Investigate every aspect of the business you intend to buy. This is easier than it sounds because Performance Business Sales will provide you with a detailed report on the business. Knowing everything about the business before you settle is paramount.
Doesn't this approach make a lot more sense?
Once you own a good profitable business, you will look back at this time in your life and realise that buying a business was the best decision you've ever made.