There are many ways to search for a business to buy. You can utilize a Do-It-Yourself approach by researching all the online “Businesses for Sale” websites, reach out to your business network, or contact a Business Broker or Certified Business Intermediary to assist with a search.
Business Buyers will typically have criteria for their search; size, industry/type of business, geographical preference, etc. It is interesting to note, based on national research data, that 70% of business Buyers select a different business than they originally sought out to purchase!
Be open minded in your search.
Most businesses for sale are offered confidentially: This is VERY important as business sellers are always concerned about the word “getting out” that their business or company is for sale. Information leaks and rumors can have a negative effect on the business their customers/clients, employees, vendors, competitors, etc. You will have to complete a Non-Disclosure Agreement or Confidentiality Agreement and indicate your financial ability to complete the transaction.
It is important to know that Business Brokers work for the Seller and have a fiduciary responsibility to their Client. However, you will need to work with a Broker to sign an NDA in order to receive information about the opportunity. The Broker will be the point person on all communication, meetings, site visits, negotiations, offers, etc., pertaining to the opportunity and the Seller.
Most Business For Sale opportunities are represented by Business Brokers/Intermediaries. They are also a great resource for Buyers and will assist you with financing, legal representation referral, and other important resources that you will need during the process.
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