Buying an Established Business – Steps for finding the correct established businesses PART 1

Buying an Established Business Steps for finding the correct established businesses PART 1

Buying an established business can be overwhelming for some, there is a lot to consider and take into account. Just knowing where to start your search; what type or style of business to look for or more importantly what you should be looking out for.

In addition to the traditional methods of finding businesses for sale, we are very fortunate these days, to have access to research 'businesses for sale' using the internet. More and more sites are appearing every day some of them specializing in particular types of businesses. It is usually a good idea to list your requirements on the internet and receive instant notification when something suitable comes on the market.

If you are already a business owner and are looking at strategic acquisitions, you may find word of mouth a helpful technique - through clients, competitors and suppliers. Naturally this depends on the relationships you might have with them.

Every now and again you may well come across a business you would just love to own that may not be available for sale and wonder how to approach the proprietor. This sort of sale happens more frequently than you would expect, but your approach should be conducted in the correct manner to ensure you purchase at the correct price and not get taken advantage of.

Buying the established business you want - What sort of small business can you see yourself owning and working in?

In the event you are not certain and have not had a great amount of exposure to small business, your first step is to find out more about the life of the small business operator. Have a chat with them and find out how their very first couple of months turned out in their new business. How has buying a business changed their lives and what advice could they give? Was their motivation to work within the business or run it at arms length?

Remember - unless you are looking at buying the business, refrain from asking them personal questions, for example, just how much the business turns over or anything regarding their financials as that may be like someone asking you how much you get paid.

Do not be hesitant to approach a business owner as you may be surprised just how much help they are willing to give you if you are open and genuine in your approach. Go prepared and have a couple of questions ready ahead of time, by being tactful and considerate you may get some wonderful insights.

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