Ask yourself why you want to buy a business. What types of work activities do you like and what kind of lifestyle do you want to pursue? It’s important to understand that there may be more work and longer hours for an owner in some industries.  Be sure to include your family in the assessment.

Determine how much money you need and want to earn.  Make sure your expectations are in line with the types of businesses you are targeting and the return they can produce.  

Outline your assets and liabilities.  Intermediaries need financial statements before taking you to any business.

If you need help with this process, please contact us and we will set up a spending plan appointment to review your statements.  If you need help with actually creating a budget or spending plan, either for business or household, request a  spending plan appointment.   There is NO obligation to buy.   In this process, we will help you identify what you can use for your initial investment.

The personal financial statement serves as proof of your finances, so be prepared to share this document with a seller’s intermediary.

Since most buyers need external financing, whether it is seller financing, SBA, or even family members, you need to be able to sell yourself to the current owner(s), the lender and the professionals representing them.

Typically sellers want to be sure that their business will continue to be a success by looking at your resume and financial statements.  Sometimes, they’re looking for someone with the experience necessary to continue their legacy and take care of the staff,   but, do not hesitate buying a business you do not have expertise in if you really believe you can make it work.  We can help you get your amazing ideas on paper before visiting a seller, so they can see you are innovative and have a strong desire to make it profit and grow.

....including targeted industries, geographic area and transaction size.

Let your professional advisors (e.g. attorney, accountant, financial planner) know you are looking for a business. Contact business intermediaries.  They will notify you of available companies that meet your criteria and qualifications.  Or, sign up for our Exclusive Buyer Alerts!  

Most business brokers or intermediaries work for the seller and are paid by the seller. That means you can enjoy the luxury of their services at no cost. The intermediary is looking out for the seller’s best interests, so you should have experienced council to represent you in any transaction.

When interested in a business, you want the business intermediary to be selling you to the seller. Prove to them that you are a qualified, motivated buyer by preparing for your search.

Your motivation, lifestyle, expectations, financial statement and résumé will help you develop your acquisition criteria. Identifying and communicating your acquisition criteria, qualifications and experience will save time and frustration and will place you far ahead of less focused buyers.