BUY THE RIGHT BUSINESS FOR THE RIGHT PRICE AND THAT IS RIGHT FOR YOU !
Most prospective business buyers spend all their time looking at one business for sale listing after another encountering all kinds of situations and questions they’re not prepared for, and then, they try to determine which, if any, “may” be right for them.
Unfortunately, this is the complete wrong approach! It’s also terribly frustrating, time-consuming and more often than not, completely unproductive.
If you want to go about this the right way, these are the four critical steps you must follow:
Step 1: Educate and prepare yourself fully for each stage of the buying process.
Step 2: Determine with absolute certainty what type of business is right for you and then focus your search strictly on businesses that make sense.
Step 3: Negotiate all of the details to ensure that you put together a deal that makes sense today and down the road.
Step 4: Investigate every aspect of the business for sale, the industry, the customers, the financials, the suppliers, the employees and the competition to be sure that you learn everything before you buy!
Doesn’t this approach make a lot more sense?
There’s an old proverb that says:
“What’s the use in running, if you’re running down the wrong road?”
So we will lead the following types of people straight down the right road to the right business:
- Anyone who has never bought a business before;
- Those who may have begun the process and now realize they need some help;
- Potential buyers who want to be absolutely certain that they buy the right business for sale;
- Anybody who wants to learn “killer” techniques to use in every situation and to have the advantage in any negotiation.
Before we get into all the details, there are a few crucial things that we need to share with you about buying a business.
Once you own the right business, you will look back at this time in your life and realize that buying a business for sale was the best decision you’ve ever made. However, from today forward until you buy the right one, there are non-stop, life altering and critical decisions that you will have to make.
Whether you buy right or wrong is entirely dependent upon your ability to make all the right decisions along the way. Luck and timing has nothing to do with it…knowledge is everything!
Just like anything else, when you know exactly what to do in every situation you can’t help but make the right decisions each and every time.
Buy the right business and you’ll experience a change in your life that is so overwhelmingly positive and significant that you cannot even begin to believe how wonderful it is. It’s everything and more that you think it will be; truly it is.
Sounds pretty good, doesn’t it?
Buy the wrong business and you are going to subject yourself to such unbelievable mental anguish and financial hardship that it will take years to recover from it, perhaps never. You’ll regret the day you ever decided to go into business for yourself. If you’re really lucky, you’ll barely escape the crushing effect that it will have on you.
Suddenly, it doesn’t sound so good does it?
There’s no middle ground! You will either buy the right one or the wrong one. It’s all in your hands.
What you need to know when plan to buy a business
WHY BUY A BUSINESS AND WHAT TO CONSIDER
You must evaluate personal, financial, and professional considerations.
THE TEN COMMANDMENTS
There is a ten-point test that any good business for sale must pass before even proceeding to the next steps in your investment process.
THE RIGHT BUSINESS FOR YOU
You need to be able to formulate key questions and exercises
TIMING
Avoid wasting time and that require you to navigate your way through the maze in half the time it takes others in order to beat them at the finish line.
WHERE TO LOOK
Examine all the resources available and use the best places to find what you’re looking for because there is a lots of portals out there.
GETTING ORGANIZED
It is imperative that you start off properly and stay on the right path.
BUSINESS BROKERS
You need to understand how they work and ask yourself the crucial question, do you need one? If the answer is yes, then you need to hire one that will meet your needs.
WHY EVERY BUSINESS IS FOR SALE AND HOW TO APPROACH THE ONES THAT AREN’T
The ideal business for sale may be staring you in the face.
FRANCHISES – ARE THEY FOR YOU?
They’re not for everybody; you need to find and buy a resale that’s already successful.
WORKING WITH PROFESSIONALS
Hire the right lawyer and accountant but utilize ways to save on their fees.
BASIC ACCOUNTING
Tear apart and interpret financial statements in a consistent and proven way.
THE SELLER AND THEIR IMPORTANCE
They can be your best ally or your worst enemy. Get them to agree to your major points.
FOCUSING ON A TARGET
Break down business for sale listings and focus your search on ones that make sense for you and do it the proper way.
VISITING THE BUSINESS – THE KEY QUESTIONS TO ASK EVERY SELLER
Prepare for the meetings: every single question you must ask and the answers you should look for.
GATHERING INFORMATION ON THE INDUSTRY AND THE COMPETITION
Get crucial information directly from competitors and industry experts and do it in the right way.
VALUING A BUSINESS
Use proven valuation models so you will never pay more than a business is worth.
NEGOTIATING AND MAKING AN OFFER
Make a complete breakdown of every detail to negotiate and the techniques to use for each.
EVALUATING PERSONNEL
Get full access to them and have them reveal what’s really going on in the company.
FINANCING THE PURCHASE
Review all options available to you and a strategy to negotiate great seller financing.
DUE DILIGENCE – INVESTIGATING THE BUSINESS
Make a checklist that will clearly tell you how to uncover everything before you buy!
PULLING THE TRIGGER
Add it all up and making your decision.
CLOSING THE DEAL
Have a detailed listing of the documents needed to protect yourself and an explanation of what to look out for from the seller’s attorney.
POST PURCHASE PRIORITIES
Make a checklist and plan for your first 90 days after taking over the business.
HOW TO BUY A GOOD BUSINESS AT A GREAT PRICE
Please contact me if you would like to get more information or talk about opportunities. We are there for you anytime!
He has a background as civil engineer and geoscientist. He has worked mainly within the oil and gas industry from the mid 1980s. He has written a few fictional novels as well as being the author of some professional litterature within oil and gas sector, he is now an editor of some web sites.
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