Buying an Existing Business
Are you in the market to buy a business? Many baby boomers who own an established business are looking to retire. Many of these owners have grown the business but are realizing they don’t have the drive to expand and grow it. And they may have the staff in place to run it and want to give it over to a new owner who can make the needed changes for growth.
If you’ve been thinking of owning a business for a while, have you done your research? Learning as much as you can about the industry before looking at specific businesses. See what the market trends are for the industry and research competitors. This will be helpful as you start your search and look at prospective businesses.
You can start your search online. There are many websites with businesses for sale. Our website, Lakes Business Group has all our business opportunities and are updated in a timely manner. Bizbuysell.com is a good tool, too, to look for business opportunities.
Be ready to sign a confidentiality agreement. Most business owners don’t want it known that they are selling their business. At Lakes Business Group, we do not release any information about the business until we have a signed non-disclosure agreement on file from a potential buyer
Do you know the amount you can put down or put toward a business? Have you talked to a business consultant or banker about business loans (SBA)? Have your financials ready and available when you are ready to pursue a business since it will be required as part of the process. The owner wants to know when he gets an offer that the buyer is financially capable of buying the business. Sometimes, even before an offer, an owner will not show a business until he knows the person (or group) coming is financially able to make an offer.
Once you have a signed contract to purchase the business, be patient! This is the time you want to take the steps to fully complete the deal including all the federal and state licenses and registrations and other due diligence required to own and run this business. Our team has helped with hundreds of closings, so we can help you get through the process until the deal is done!