Established Business Sale
Buying an Established Business – Steps for finding the correct established businesses PART 1
Buying an established business can be overwhelming for some, there is a lot to consider and take into account. Just knowing where to start your search; what type or style of business to look for or more importantly what you should be looking out for.
In addition to the traditional methods of finding businesses for sale, we are very fortunate these days, to have access to research ‘businesses for sale’ using the internet. More and more sites are appearing every day some of them specializing in particular types of businesses. It is usually a good idea to list your requirements on the internet and receive instant notification when something suitable comes on the market.
If you are already a business owner and are looking at strategic acquisitions, you may find word of mouth a helpful technique – through clients, competitors and suppliers. Naturally this depends on the relationships you might have with them.
Every now and again you may well come across a business you would just love to own that may not be available for sale and wonder how to approach the proprietor. This sort of sale happens more frequently than you would expect, but your approach should be conducted in the correct manner to ensure you purchase at the correct price and not get taken advantage of.
Buying the established business you want – What sort of small business can you see yourself owning and working in?
In the event you are not certain and have not had a great amount of exposure to small business, your first step is to find out more about the life of the small business operator. Have a chat with them and find out how their very first couple of months turned out in their new business. How has buying a business changed their lives and what advice could they give? Was their motivation to work within the business or run it at arms length?
Remember - unless you are looking at buying the business, refrain from asking them personal questions, for example, just how much the business turns over or anything regarding their financials as that may be like someone asking you how much you get paid.
Do not be hesitant to approach a business owner as you may be surprised just how much help they are willing to give you if you are open and genuine in your approach. Go prepared and have a couple of questions ready ahead of time, by being tactful and considerate you may get some wonderful insights.
About the Author
Has 12 years experience on both sides of the fence selling businesses of all types and sizes for her clients as well as acquiring corporate businesses as a buyer’s agent.
Prior to her successful business sales career she had an entrepreneurial background and built several successful small businesses. Her last business was the manufacture and distribution of a range of clothing for women and children Lee had manufactured in Fiji for distribution throughout Australia.
Her passion is small business and developing innovative, internet centered commercial businesses of the future.
Lee is a visionary and has the ability to see new and creative ways to transform old fashioned, traditional businesses.
Lee’s industry experience gives her insight into a new way of buying and selling businesses without the expensive involvement of business brokers. Her belief is so strong that she joined Terry McDonald to write this series of books and published articles to equip people with the skills they need to buy or sell a business themselves.
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