Before you make your move...
Here's a checklist of considerations that may apply to you and the situation you are, or will be evaluating.
- Do you know what kind of business you want to buy?
- Are you "technically" qualified and experienced enough to run the business?
- Do you have temperament to deal with fickle customers, demanding creditors, and difficult employees?
- Do you have the attention to detail that most businesses demand?
- Can you deal with the bookkeeping requirements of the business?
- Can you deal with adversity without losing your cool?
- Can you deal with uncertainty without loosing sleep?
- Are you a good "people person" who can successfully deal with both customers and employees?
After you have considered all of these issues and still feel that small business ownership is for you, then congratulations! Small business ownership can be one of the most financially rewarding and intellectually stimulating pursuits you can follow in life.
Alright, if you have gotten this far, you're probably convinced that owning a business is for you, so let's continue on with information you'll need in pursuing this objective.
Don't fall into the average Joe's trap. Buy a business because you are excited about the opportunity and feel that the benefits will bring about betterment in your lifestyle. Never buy a business solely for what we call the "Greed Factor". If you concentrate solely on the monetary benefits, you will surely fail. Of course, the financial gain is important but if it is your motivating factor the pieces of the deal won't fit into place and failure is assured.
This is not the problem many people would assume it to be. Actually, with no prior experience you are liable to approach all your decisions with much more objectivity than the businessman who approaches them with a firm formula. Business buying is something that requires thinking on the fly.
Never Owned a Business Before?
You are in the majority of business buyers. Over 85% of business purchasers have never owned a business before. The fact is that you have done things in your life much more challenging than what you are about to embark upon.
A New Business vs. an Existing Business
Only you know the answer to this question, but here are some facts: Buying an existing business will remove many of the risk factors inherent in starting a business from scratch. To start your own business there are many things to take care of, such as administrative tasks, payroll, inventory, etc. The attention you spend on these aspects will keep you away from concentrating on the important thing, that is, the business itself. Also, by purchasing an existing business you have the luxury of looking over the books and knowing if the business is a viable and profitable venture. The facts are that over 80% of start-up businesses fail in the first three years. Don't be another statistic.
The Perfect Business
The perfect business does not exist. All businesses contain risks. The trick is to calculate the risks and minimize them.
Will It Take Long?
Positive things can take a while. Don't begin this adventure unrealistically. Know that great businesses are out there practically asking you to jump in and benefit from them.
A business broker spends many hours working with a potential buyer knowing that almost 90% of them will not buy. That is why you need to choose your broker carefully. We are committed to each and every one of our potential business buyers.
Finding a Great Business Broker
You may have done that already! But feel free to speak to several different firms to gauge their enthusiasm and competence. We think you will find that Brooklyn Business Brokers is your best choice. Why? We fit you with the perfect candidate from our stable of brokers. Our talented brokers consist of seasoned veterans with many contacts to young and highly motivated candidates. At Brooklyn Business Brokers we will carefully work out which broker will be best for you and your new and exciting business needs.
The List of Three
Three important things need to be true for a deal to be successful. These three things are:
1.A seller who wants to sell.
2.A buyer who wants to buy.
3.Trust between the two.
This may seem simplistic but it's not. We at Brooklyn Business Brokers know how important these three components are. That is why we feel strongly that both parties have our trust as well. Allowing the parties to communicate directly may seem a bad business decision to other brokerage companies but not to us. Our trust in you and our strong opposition to playing the two parties against each other in order to benefit us is a hallmark of our company. Allow us to demonstrate our commitment to your success!
The Final Word
We know how important this is to you and we respect that. Don't get mixed up with brokers who are only looking out for their best interest. Become partners with brokers who understand the nature of trust. Become partners with Brooklyn Business Brokers.
Good luck to all of you buyers and sellers, and remember, it's the fair deal rather than the best deal that will most likely make all of you successful!