Where to Find the Perfect Business to Buy
Considering purchasing your own business? We've compiled a list of the best places to find your new business -- and even the perfect one for you.
In this post, we'll walk you through all the steps to finding and purchasing a small business, from understanding your budget and what type of company interests you, to overcoming any obstacles along the way. Spoiler alert: it's easier than you think!
Keyword tips: "buy a company," "how to buy a company," "buy an existing business.
What to Know Before Buying a Business
Do you want to purchase a business? If so, let's talk about your options. How do you get started? Do you know what questions to ask? And how can you find the perfect one for you without breaking the bank? Our steps will walk you through all that and more.
Interest in Buying a Business Is on the Rise
In a recent study by Groupon, 60% of consumers are interested in buying a business right now; however, only 35% have actually done it. Regardless of why you may be interested, our expert advice is always free -- download our 10 steps below; it'll save you money, time and stress throughout the process.
1. Before you can find a business you want, it'll need the right information.
Before going out and finding a business, figure out exactly what it is that you're looking for. For starters, decide whether you want an existing company or something that's brand-new. Most likely, you'll also have other criteria in mind (such as location and/or industry). Once you've got your criteria nailed down, take some time to review the loan options available in your area. If buying a business provides a great solution to your financial problems, then don't worry about the money; if not, then skip down below to learn how to buy a business using cash.
2. Once you know what you're looking for, it's time to start searching.
With your criteria in mind and your loan options in place, start searching for an appropriate business to buy. If you're unsure of where to start, post a listing on this website or check out our list of the top places to find a business - they include everything from exploring classifieds and finding partners throughout the process. There is no one right way; use at least a few different sources to find potential businesses that interest you.
3. When you find something that suits your needs, it's time to make a deal.
Once you've narrowed down the appropriate businesses and narrowed your search, it's time to make a deal! With the right terms and conditions in place for your business, you'll be able to buy it. Be prepared for some negotiation; if you're already familiar with the type of business you're interested in purchasing, this step is much easier. If not, here are some tips on negotiating with potential sellers.
4. Once your agreement is in place, all that's left is getting things ready for the purchase.
If you've picked the appropriate business, then you should be in a good place heading into the purchase. Keep your finances in mind, as well as any other potential issues that may pop up. Once you're comfortable with this part of the process, make sure to check out our comprehensive guide on how to start a new business while keeping your existing one running smoothly.
5. Once everything is set and done, you can enjoy your new business! (Just make sure to keep some cash in the account. )
Now that you know exactly what to do, it's time to put it all together. If you're buying a business using cash, there are a few more steps -- but if you're using a loan, this is the time to make sure you've got your loan terms written down. Once that's done and secured, all that's left is enjoying your new business! Review our tips on making the transition from employee to owner -- including an overview of finances and taxes.
Now that you know how to find and buy the perfect business for you, stop by our database of million dollar ideas or call us today for help with finding or purchasing a small business. We'll walk you through every step.
Good luck, and let us know how your search goes!
Editor's Note: Want more tips? Check out related posts on this same topic.
Grow your own small business by learning these simple concepts.
Need to raise some cash? Follow these tips for getting the most out of your next loan.
Tired of working for someone else? Learn how to buy a small business.
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As a note, you can download the full PDF here (it includes my affiliate link). When it comes to buying or finding a business, you can learn all about this process by reading in-depth white papers and articles, but trying to collect them all and read them will take forever... so I decided to create an easy guide that would help me learn every step.
Once I finished the guide, I found that it wasn't only useful for helping me learn about buying businesses, but it also helped me think about other business ideas I could start in the future.
Do you need a guide like this for yourself? Feel free to download it here . If you liked this article and want to stay up-to-date on future posts in this series, join my free newsletter .
I am also creating some additional tips and how tos along the way so stay tuned for more information on making money online and buying and selling small businesses along the way.
If you found this article useful then please share it with your friends. I hope this article helps you find a great business idea for either yourself or for someone else as a gift.
Thank you for reading and I look forward to your comments on this post and also on the 10 steps to buying a small business that I have created.
If you have any questions about buying or selling a business, feel free to post them below in the comment section or send me a note at support@ideamensch.com .
Conclusion:
If you have reached this point, you should know that getting a small business for sale takes a lot of time and money, but can be well worth it if you know what you're doing. You have to treat the search like a non-stop job to be successful. You could also consider hiring someone else to do the search for you so that they can find the right business at the right price. Doing it yourself gives you more freedom and control to choose your own destiny.
I hope this article helps you find a great business idea for either yourself or for someone else as a gift. Please feel free to share your thoughts below in the comments section or send me a note at support@ideamensch.com .