Buying a Business
Buying a business can take two years or more, searching, qualifying and conducting due diligence, or less than 6 months when you have assistance. Go Business Sales can help to narrow the search. Go Business Brokers will be proactive when helping both buyers and sellers.
We will go out to the market and search for the business that you want and put your details in our data base so that we can notify you when a business with your criteria becomes available
Contact us to have a conversation about your business requirements. This will help us to understand your needs and preferences and will assist you go further with your business plans.
Unless you have a wealth of experience buying businesses, it is critical that you acquire the right knowledge and information to make this decision. You will face an onslaught of decisions throughout this process. Having the knowledge will help make the difference between buying the right business or being disappointed.
Some of the most important decisions to be made before you buy a business
- The industry and business that would be suitable and match your skills, experience and passions. Buying a business can be a risky proposition. Having the right skills and knowledge to manage and promote your business will vastly increase your chances of success. You need to look within yourself and be honest with yourself. You can be sure other stakeholders such as landlords and finance providers will be making judgements about your chance at businesses success.
- The price and working capital that is achievable and sustainable. How much money can you raise to fund this venture? You need to determine this number and you will probably need help to quantify this number. Talk to a finance broker to assist you with an honest figure. This will save you a lot of time being able to slot this number into the criteria. If you can raise $200 000, there is not much point pursuing businesses listed at $ 450000
- The location – more decisions and compromises to be made. How close do you need to be located to your customers and your home for lifestyle? Depending on the type of business. The location of your business can be an important factor for the success or failure of the business. This is of course a well-known driver in the commercial real estate industry. Your lease costs and obligations are one of the most important considerations in your business purchase planning.
- The time frame to achieve these goals. It is important to take time to ensure that you are making the right decision when buying a business. However not making a decision also comes with costs. This is the lost time of not producing an income and moving forward.
Instead of looking at the endless business for sale listings, trying to figure out which, if any are right, you must first identify what type of business is right for you – and then focus your search accordingly. Too often we see buyers who have suddenly decided to become their own person/boss, and they begin the time consuming, aimless search, without having identified what they want to do.
Contact Go Business Brokers to make a time for this conversation