4 Steps to Know Where to Find a Great Business For Sale

When looking for specific businesses for sale, business buyers tend to use all the wrong tools. They rely heavily on business brokers, who may or may not have access to the type of business you’re looking for. Here are a few steps to finding your specific business for sale.1.Know before you go – Take some time and decide what type of business you want to buy. Identify a net discretionary income that you need. Look for a good business and make every effort to make it exceptional. I’ve seen many business buyers that really don’t know what they’re looking for before they buy a business. They know they want (or need) a certain income, they have a certain amount of resources, but they have no idea of what type of business they want to own. Looking for any kind of business can waste a lot of time.2.Don’t think traditionally – Business brokers are only way of finding businesses for sale. Frankly, almost every business is for sale, if you’re willing or able to pay the price. Consider talking to people other than a business broker before you begin your search. A few people to try to talk to may include an insurance agent that specializes in your business sector, attorneys, accountants, business owners, vendors, suppliers, chambers of commerce, and commercial real estate agents. You’ll be surprised if you focus your search, it’s hard to find a “good” business for sale as compared to “any” business for sale.3.Prepare a letter of interest – This is a general solicitation letter that would be best authored by your accountant, business banker, or attorney. This general solicitation letter should be able to be sent to several networking resources. Having this general letter an definitely help you build credibility.4.Network with business brokers – Business brokers can be a great resource; however they are not the only resource. If you know what you are looking for leave no stone unturned. Be specific with your business brokers. Don’t let them try to push the “deal of the day,” on you. Express to them you are willing to pay a finders fee if they can find a business meeting your criteria but not for sale.

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