People want to run their own business.You can hire your own staff and pursue something you love as an owner.Many small business owners don't advertise their businesses for sale, so you'll need to do some digging to find opportunities.Ask other business owners if anyone is thinking of selling.You can use a broker.
Step 1: The best sites can be identified.
Information about businesses for sale can be found on many online websites.BizBuySell.com is one of the websites you should look at.It is the largest online marketplace of its kind.There is a website called Bizquest.com.Over 30,000 listings.There is a website called businessesforsale.com.There are over 50,000 listings for business sales.This is the best website for international sales.There is a website called loop.net.There are large business deals worth millions of dollars.People looking for a place to meet.It is possible for small businesses in your area to only advertise onCraigslist.If you're interested in buying a small business, check there.
Step 2: Search for businesses.
You can search by industry, location, and price range at these websites.When the listing was posted, you can narrow down the results.
Step 3: Email notifications should be set up.
You can set up an email alert to let you know when the business websites are back.You will receive an email when a business matches your criteria.You need to create an account with the website to set up the alerts.
Step 4: It's a good idea to research the business.
The websites often have a lot of information.Cash flow, gross revenue, inventory, and real estate value can be found on BizBuySell.You can request a valuation report at BizBuySell, which will compare the business to others like it.You have to pay for the report.
Step 5: Take a guess at your preferred industry.
Only one industry is the best way to make your search more manageable.You may want to buy a convenience store or hair salon.You will be overwhelmed if you don't pick a focus.
Step 6: Ask accountants and lawyers for leads.
If an owner wants to sell, these professionals know about it.Ask your accountants and lawyers for leads.
Step 7: You can look at trade industry publications.
Business owners might try to get someone else in the industry to buy their company by advertising in a newsletter.You can find them at your local library or online.
Step 8: You should check with your network.
People you know might have leads.They might do business with someone who wants to move on.If anyone in your network wants to sell, you should check in with them.If you are a member of the Chamber of Commerce, check with them as well.They are a good source of information.
Step 9: Business owners should be called at random.
Call the business owners if you don't have any leads.Ask them if they know anyone who is thinking of selling their business.Explain that you don't need an immediate "yes or no" but ask the person to be on the lookout for you.
Step 10: You can follow up with a letter.
After speaking by phone, you can mail a letter.You should include your own card.Tell them that you're still interested in buying the business and ask if they have any ideas.
Step 11: Call the business owners again.
After a week or so, you can call the business owners and ask if they've heard of anyone looking to sell their business.You should ask for the names and contact information.Thank them for their time if they still don't know anyone looking to sell.If they hear of anything in the future, ask them to follow up with you.
Step 12: The business owner wants to sell.
The owner might be interested in selling.You can say, "I heard from Kathy Smith at Shop 'N Save that you're about to retire and looking for a buyer." Many owners who are considering selling don't advertise, so they'll want to know how you found out.In your first phone call, you don't have to seal the deal.You have to make an initial contact.It's a good idea to talk about your business experience.The business owner should see you as a serious buyer.
Step 13: You can find a broker in your area.
If you want to buy a larger business, a business broker can save you time and money.They can negotiate with the seller if they identify businesses for sale based on your preferences.Ask the local business owners if they used a broker and if the person would recommend them.You can check online directories.State broker agencies may have links to the International Business Broker's Association.On the BizBuySell.com website, you can find a broker.You can get a referral from your local Chamber of Commerce.Call from the phone book.
Step 14: A consultation is a good idea.
Call the broker you want to work with and schedule a consultation.Ask if you need to bring anything with you to the consultation.Check the price.There are some brokers that offer free consultations.
Step 15: Ask the broker questions
Ask the broker about their experience at the consultation.Someone who helped buy businesses is what you want.Ask them how long they've been a broker.The longer the better.A good broker knows how to value a business and has legal and accounting knowledge.What trade associations do they belong to?A person who is a member of a trade association stays current in the field.The may have a deeper network.Is the broker accredited?The CBI designation is given after the broker passes an exam and completes a course.The broker gets paid.The broker should be aware that the seller pays them a commission.
Step 16: Discuss the type of business you want to buy.
A broker cannot find businesses until they know what you want.Talk about your interests and industries.Business brokers can tell you if your budget is realistic.
Step 17: Do you want an existing franchise or a new one?
Franchisors license their business methods and trademarks for use by their franchisees.If you are a franchisee, you can either start a new franchise in your town or buy one that already exists.There are benefits to a resale.You won't need to search for real estate because it already has a business location.It has a good reputation in the community and may have an established customer base.If you decide to go forward, you will need to carefully investigate the business because the owner may be selling it because it is losing money.
Step 18: There are opportunities in a franchise handbook.
You can check out and read the handbook at your library.Basic information about each franchise will be listed in this handbook.If you want to start a new franchise, this is a great resource.
Step 19: You can use an online aggregation.
There are new franchise opportunities listed on many websites.The initial startup fee should be identified on these websites.BizBuySell.com is a website.There are new franchise opportunities and existing franchises for resale.There is a business called Bizquest.There are new franchise opportunities, but not existing franchise resales.
Step 20: There is a franchise expo.
Franchisors attend expos around the country.You can compare many franchises at the same time if you attend an expo.Check online or look at franchise.com for upcoming expos.Franchisors are judging you just as much as you are vetting them.They want to hear you talk about your business.Franchisors are picky about who they will sell a franchise to, so dress your best and come up with a list of questions ahead of time.
Step 21: A franchise broker is a good choice.
A franchise broker is a business broker.They will talk with you about your interests and how much money you want to invest, and then find appropriate franchise opportunities.You can find a franchise broker in magazines.A franchisor pays a franchise broker a commission.You need to schedule a consultation and check.If you are pressed for time, the franchise broker can help you complete the application and gather necessary paperwork.
Step 22: The franchise should be researched.
Does the franchisor have a bad experience with the franchisees?You want to know about the company's reputation.You can research the Better Business Bureau.The franchisor's headquarters should be checked with your local Better Business Bureau.There are complaints about the franchisors services, products, or personnel.Consumer protection agencies.Check to see if any allegations of fraud have been made against the franchisor.You can check with the FTC to find out if there are allegations of fraud.Current and former owners.You should call the franchisor to find out if they have had a good experience.
Step 23: Call the franchisor.
You can find out more about the costs of opening the franchise by visiting the website of the franchisor.Basic information can be provided or you can complete an application.They will follow up if the franchisor is interested.You can contact the current owner if an existing franchisee is available for resale.Unless they get approval from the franchisor, they won't be able to sell to you.