You’re ambitious, filled to the brim with market research and ready to begin your hunt to buy the perfect business. But where to start?
The traditional method is to contact a broker.
When it comes to business, you want to make sure you have all the tools available for a successful purchase, so you want the full range of professional services and individuals surrounding you as you make first contact with the seller. For this reason, using a broker is perhaps the more conventional approach to go about communicating with a business owner.
A broker represents the seller and is the professional middleman who knows the ins and outs of selling a business and finding prospective buyers. It is most likely that he or she will have an expansive network, and will use their in-depth knowledge to align the right buyers and sellers with meeting requirements and specifications – many of whom either party will not have met if not for the brokers’ connections.
Beyond the expertise, a broker can also help with all the other technical processes, including conducting valuations and assembling legal and financial teams, but will come at a price, quite literally. It’s a well-known fact that brokers charge a hefty sum for their services, often leaving you to wonder if you’ve left with the best deal. Furthermore, not all brokers offer a specialised service. It’s also worth remembering that your broker will have their own interests and priorities in mind.
Online platformsContacting a seller yourself is now possible through online platforms. Forums and websites like www.business-sale.com are a great place to begin your search. Here, business sellers will advertise their companies for sale in a listings-format, allowing buyers like yourself to trawl through data and select the sellers you wish to contact for yourself. Sellers will reveal aspects of their company and information at their own discretion, and will provide ample detail to entice buyers.
Approach a trusted sourceAnother non-traditional way to contact a business you wish to purchase is through a trusted source like a mutual friend or a family member. This way, a collaboration between you and a seller can potentially speed up the process due to the familiarity and trust from both sides. This word-of-mouth process may even allow you to expand your network and narrow down your business search, should your personal contacts lead you to future partnering opportunities.
Test the watersYou may have a certain kind of business in mind but are unable to find the right seller through a broker or an online listings platform. If this is the case, now is the time to play the field and test the waters by contacting a multitude of business owners to pitch an acquisition proposition.
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