Sources Of Finding The Right Kind Of Business You Are Going To Buy

When you search for a business to buy, youll find that it takes much time and energy

. You must be prepared to be patient and to spend some money in the effort. Youll use several sources of information in your research: newspaper and trade journal, ads, business brokers, bankers, lawyers, accountants, and people who are already in the business. You can also try online printing of some ads in the net.

Advertisements. It is the popular and very common among entrepreneur to look for when eyeing a business for sale. Newspapers are among the type of media that carry advertisements on business opportunities. Ads in this category tend to be sketchy, telling little of importance about the business. Some of the ads dont offer much information because of the limited space. In a newspaper, the wider the space occupied by your ads, the higher the cost. Thats why to save on costs, most they do is give you some general idea of what the business is. They say, printing company for sale for inquiries contact this number.

If you are interested, what you will do is to call the name written in the ads; presumably you could arrange an appointment to explore details about that printing company. In other cases, the owner is hiding behind a box number. On inquiry, you may find yourself dealing with a business broker, not the owner. If it turns out to be the owner, you may ask why he or she should choose to hide behind a box number.

Box numbers are used for a variety of reasons. They can conceal the broker behind the number (prospective buyers usually think they can get a better deal directly from the owner). Public advertising of a business for sale can have bad effects on the business. Key employees may decide to leave. Creditors may get edgy, particularly if the companys credit is shaky. Customers may search for new suppliers if they are uneasy about a firm that is for sale.

Business brokers. You search for a business to buy will inevitably lead you to the business broker. Business brokers work like real estate brokers. They are paid by percentage commission on the sales they arrange. Commissions, regulated by the state, can amount to ten percent of the sale price.

The business brokerage is a service business. It requires little capital to enter. This accounts to a considerable extent to one persons brokerages. Some of these may be seedy operations working from a rented desk in a run-down office building. On the other hand, youll find well-managed operations that can be of real service to you.

Getting leads through other sources. Dont overlook your ability to get leads through your personal connections. Your banker can be helpful in identifying businesses that can be bought. Through their own experience, bankers can direct you to reputable brokerage firms. Your attorney and accountant come across prospective opportunities in their work with their clients. They know when a business client wants to retire and sell, or when a business must be sold to settle an estate.

Another source of information about a particular business is someone who is familiar with the industry you want to enter. You can usually find such a person by asking among your friends. Suppliers to the business also may prove to be good sources of information. They know whats going on in the industry and can often tip you off to a firm that might be for sale.

by: John Ray Daniels

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