Buying a business is an exciting and busy time.
Due to the numerous complex procedures involved in the course of buying and selling a company, brokers are often enlisted for their services. Their in-depth knowledge on the matter, network to connect and source the right people, and ability to ease along the technical processes makes using a broker a traditional and easy option for such transactions.
It is, however, completely possible to buy a business without a broker.
In fact, buying a business without the middleman may be a better option in certain circumstances, especially when you have very specific requirements.
Eliminating the broker essentially means buying a business directly from the owner. But the question then becomes, how do you go about finding a seller?
The point needs to be made that you can find a seller on your own.
We recently spoke to thirty-year-old Richard Preston about how he bought his ideal business directly from the owner.
Preston is now the proud co-owner of NDT Equipment Supplies Limited, a company that specialises in supplying equipment for testing and inspection. It was a long and arduous journey, but it came with a highly rewarding outcome.
A story of passion and motivationPreston’s entrepreneurial interests began long ago when he was met with an unexpected redundancy five years into a role at a large UK-wide logistics operator. It was then that he seized the opportunity to purchase his first business. Like many other business buyers, Preston used the services of a business broker.
Enter Business Sale ReportSome three years later without much success in finding what they were looking for, Preston and Dodd happened across the ‘Business Wanted’ section of Business Sale Report, a platform that allows buyers to advertise the type of businesses they are looking for, so owners and sellers can contact them directly.
A seamless transactionFrom first meetings to signing the papers in the lawyers’ office, the whole sales transaction took just nine weeks - an incredibly speedy turnaround of events under any set of circumstances in the business world. In that time, Preston and Dodd went from being business buyers to brand new business owners.
Success!It is clear that Preston and Dodd’s journey was a small-scale, personalised business venture, with much potential to expand in due course. As such, having a broker limited the personalised aspect and interaction with sellers so they opted to contact owners directly.
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