28 Jul Tips on how to buy a business, and start with success
People often ask whatever it is better to buy a business or to start-up a business or franchise. It’s a good question and part of the answer depends on your individual situation.
For some, start-up opportunities seem less expensive route to entrepreneurship. But quite often people struggle with finding out when they’re going to turn profitable and exactly how much money the business is going to make. See https://bit.ly/BuyABizBest for more reasons to buy a business versus starting one scratch.
When you buy a business, you know at least at the time you take over, how well the business is performing. It’s easy to not take into account all the business start-up costs and the steps to start a small business.
Craft a Business Plan No Matter What
Regardless of whether you acquire an existing business, or start-up a business, develop your own business plan. Many like to gloss over the importance of a business plan.
A business plan forces you to consider many essential different details. Thinking through these details in advance of taking over your business will save you time and headaches. You can find a very good outline at the https://www.sba.gov/business-guide/plan-your-business/write-your-business-plan.
Finding the right business to acquire takes some finesse. Business owners call firms like ours asking, “How do I sell my business?”, and “How do I find a buyer for my business?” Many businesses are right on the Internet but others just have not taken action but would love to sell. That means some of the best businesses for sale might not even be on the market.
Get SBA Prequalified
Try to acquire a business good enough for an SBA business loan. Small business loans make acquiring larger businesses more affordable.
The typical business loan runs for ten years. If you are acquiring commercial real estate along with the business, then a loan might go up to as long as 25 years. A good business brokerage helps you identify existing businesses that have real estate.
Get yourself prequalified for a business loan. Most of the SBA preferred-lender-providers (PLPs) will help you acquire the business that is right for you.
Work with the right attorney, accountant…
Work with accountants and attorneys experienced with the process of acquiring small businesses.
An experienced attorney can help with things like trademarks, copyright material, transferring Amazon and eBay accounts, and more.
Accountants experienced with small businesses can help you better understand the financial records of the business you are looking to acquire.
You can find a list of many accountants, attorneys, and SBA banks who have experience helping people buy a business and sell a business. Visit https://buybizusa.com/professionals/.
Many types of businesses are selling
Even though the coronavirus has been a challenging time for a lot of people, this might be a great time to buy a business. Banks are still making small business loans. Many business owners are looking to retire.
Some businesses are doing better than they’ve had been doing it a long time.
A recent heating and air-conditioning HVAC company for sale was acquired by a larger heating and air-conditioning company.
Our food distribution company for sale was also acquired by a similar-sized food distributor looking to expand its regional footprint.
Our local fitness center for sale was bought by a local entrepreneur seeking to diversify his portfolio businesses.
The local bulk-food grocery store for sale was acquired by a family looking to secure a visa in the United States.
Lots of different businesses are attracting the eye of individuals like yourself. If you’d like help or have questions on how to buy a business, reach out to us. today.
Find us at BuyBizUSA.com
The office for Legacy Business Brokers in Tampa and Legacy Business Brokers in Orlando can help you with business acquisitions anywhere in the state of Florida.
We are a member of the Business Brokers of Florida and can help you with thousands of businesses for sales. Business Brokers of Florida is an MLS specifically designed for confidential business acquisitions worldwide.
Get started today. Great opportunities are waiting to be discovered.