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 Most
people buy a business to seek job security, control their own
destiny and achieve financial independence. Sometimes they do it
just to have more fun in their work. “A business of your
own” is a dream shared by thousands of corporate dropouts,
early retirees, senior employees of small businesses, etc.
Buying a successful, existing
business, rather than starting a new one, provides a
proven location and product or service. Hard work is what
you, a new owner adds to the mix.
Make sure you are committed to
buying a business and then totally dedicate yourself to finding
the right one. The Meadows Company finds that over 80 percent of
potential buyers really haven’t made that commitment. While
they may try to persuade a seller of their serious intent, they
are really just "window shopping" and some others are
not really capable of “pulling the trigger” when they find
the right business.
In reality, there are not very
many really good businesses for sale in a given area at
any one time. So you might have to be patient.
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Putting
Your Search In Perspective:
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80% of all businesses employ fewer than 10 people
and have revenue of less than $1 million.
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Only 10% of businesses have annual sales of more
than $1,700,000.
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Manufacturing and distribution businesses account
for only 13% of all businesses and most have sales
of under $1 million.
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Be prepared to invest a considerable amount of
time, and perhaps expense, in your search for a business to buy.
And be flexible. Most buyers end up buying a business that is
not what they initially set out to find.
The most efficient way to find a
business is to put yourself in the hands of a professional
business broker with wide access to businesses available in a
given area or region – or nationally if you are open to that.
As opposed to going from broker to broker, one “pro” can
separate the wheat from the chaff, advise you expertly and help
you through to a successful closing.
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