You - The Business Buyer

The next step to buying your own business is to make sure it is the right move for you and your family. Owning one’s own business is still very much
“the great American dream,” but it’s not for everybody. Here are some questions that you should ask yourself before taking the next step.

How long have you been thinking about buying a business?

Many people are interested in buying their own business, but they are not willing to make the commitment necessary to move forward. They continue to look just like those who continue to look at new and expensive automobiles, but will never spend the money necessary to buy. One veteran observer has said that the longer you look, the less likely you are to buy.

What is your time frame to find a business?

If you’re thinking of buying a business in two years, it’s good to start your education. Keep in mind that it really doesn’t make much sense to start your search right now, since any business you find now will have been sold by the time you are ready to buy. It’s important, however, to arm yourself with all of the information and education available before you begin the search. Or you could simply call 386-603-4600 Ext 802 and arrange a free consultation

What is your primary reason for buying a business?

If you are not motivated to buy a business, then you will not, it just will not happen. You must go into business for yourself for the right reasons. If you’re tired of the corporate world, just have a “job-job,” or perhaps even a "dead-end job", then business ownership may be right for you. Certainly if you are unemployed or being transferred to a place where you don not want to go – buying your own business can be a viable solution.

Are you willing to invest a majority of your liquid assets in a business?

Buying your own business requires a serious financial investment from you. If you are the type who does not want to take a risk, you might want to rethink owning your own business. It is not for the faint-hearted. But the right business can pay good rewards

Are you independent enough to make your own decisions and be in control?

Operating a small business requires continual decision making. Do not forget, you are the boss, and you are in control. All of the decisions are yours – right or wrong.  You will make a lot of wrong ones, but that is the learning curve to a successful business. The question is, can you recover and keep going forward? If you brood about poor decisions or they keep you awake at night, owning your own business may not be for you.

Is your family supportive of you owning a business?

If your family, especially a spouse, is not behind you 100 percent, then you should think twice about business ownership. It is very important that you have the support of your spouse. He or she has to understand that running a business can be time-consuming. On the plus side, however, many businesses do allow for flexibility so you can attend the afternoon little league game, which can prove an excellent advertising point for your business.

​Are you open-minded about different opportunities?

We know that some buyers are dead set on the business that they want to aim for, but we have found that it is best if you stay open-minded, especially if you are a first-time buyer. There are many types of businesses available, and you don’t want to limit your choices. You should be looking for a business that will provide the income you need (or ability to do so), that you can afford, that has numbers that work, and, most importantly, that you can see yourself running.

Do you have reasonable expectations?

Reasonable expectations is the key word when you are buying a business, we have had many clients who think that you can buy a business with lots of cash flow for $1,000. The fact is the buyer expectation must be reasonable, It is very important that you have realistic expectations about what your money will buy. We work with you, guide you and advise on the best approach and the most realistic options for you.  Many sellers are willing to assist in financing the sale of their business, but remember, they’re not going to give it away. Keep in mind that many business owners have spent years building their business, and it may represent the biggest financial asset they have. They’re not just going to hand over the keys to you.

Can you make the “leap of faith” necessary to buy a business?

​"The Leap of Faith" Many prospective business owners work hard and do their homework, they do everything necessary to begin the purchase process, and then as the transaction moves forward they back out.  They just don’t have the courage to move forward. There is nothing wrong with not completing the transaction, not everyone should buy and own their own business. However, if you don’t think you can part with your money and take over operating the business on your own, you may want to take a second look at business ownership.

Do you need a guarantee?

We speak with many prospective business owners who ask "Is This A Sure Thing", the fact is, business ownership is down to the individual and their employee's to make it work.  If you are looking for a guarantee or a sure thing, then business ownership is not for you. You can and should look at all of the financials, tax returns, and all of the books and records. Remember, that these items all represent the history of the business, a successful past can only be a successful future if you put in the hard work to make it happen.  You can not buy anyone else’s history.  A new owner makes changes, no matter how subtle. Their management style is different, and times change. You have to look at the business with the attitude of how you can improve things. The financial history of the business is certainly important, but it does not guarantee the future of the business – "you do".

If you want to know more about owning your own business,
or you have already started to make plans to be your own boss
​please feel free to call us today we have the professionals who can make the difference.

386-603-4600

​Extension 802