29 Jan Buying An Existing Business or Getting a Franchise?
Why you should consider hiring a Business Acquisition Advisor
If you’re considering buying a business or franchise, it is wise to consider using a professional Buyer-focused Business Acquisition Advisor that will watch out for your best interest. While no one can eliminate the risk involved owning your own business, you can reduce risk with experience support. Ask questions before you sign a contract – better yet, get support as you are starting your search.
About 33% of the people who purchased existing businesses or new franchises wished they had asked the other questions or done more research before committing.
“It’s the things we did not realize that we did not know that stood in the way of making a better decision for our family” reports one restaurant buyer who came to us for help 5 months after “getting a great deal” on a business.
There is a myth shared by many first time business buyers that it is best to work directly to the listing broker in order to get the most information about the business.
Many Brokers and Intermediaries are very excellent resource but many times it is to the Buyer’s advantage to get someone to focus on his or her particular needs an situation. It is particularly important to select the right business, do right research and ask the right questions for due diligence.
If the Seller or the Seller’s broker cannot help you with that, it is worth getting the right support. Businesses can take a long time to sell and if you discover the business is not the right business for you, it is hard to find a new buyer in a short time period. Often, Business Buyers will very suspicious of a business being sold that has been only owned for a short time period so if you wish to resell it quickly, this may work to your disadvantage. It is best to make sure you do your best to make the right decision leading up to the acquisition.
We will continue this topic with over the next few weeks but if you want to know more now, please reach out to our office at 833-BUY-BIZ1 (833-289-2491). Thank you. Turn your business Dream into a Legacy in 2014! Do it right with the right support.