Finding a Business for Sale
Do you dream of becoming a business owner? Finding a business to buy can be one of the hardest parts of buying a business. Locating and buying the right business can be time-consuming and daunting. However, once you find a business that is a good fit – all that time and energy pay off.
Finding a Business for Sale
There are many resources and options out there for finding businesses that are for sale. However, there are several things to consider before you begin looking for a business. We discuss these more in-depth in Finding the Right Business and Due Diligence Checklist. Once you narrow down what you are looking for and businesses of potential interest you can start looking for a business. Below we break down a few of the common places to find a business for sale. Peak Business Valuation, business appraiser, is happy to answer any questions you have about buying a business. Schedule your free consultation today!
Online Websites
One of the easiest places to start is by using online websites. Below is a list of common websites of business listings. Each has pros and cons.
If you have an interest in buying a franchise, below are a few of the common websites to use:
These online websites can be a great resource of information. Browsing through each of them can give you a good idea of what businesses are available in your area. Once you decide on a business to buy, these websites can also assist you with financing. The downside of using an online website is that it can be difficult to narrow down your search. Not to mention, it can take several months of browsing to find a business you wish to buy as constant transactions impact the offerings. In addition, buyers can spend considerable time browsing through hundreds of business listings not knowing if it is worth their time or if the business is a lemon.
Business Brokers
Business brokers can be a great source for finding a business. Specifically, business brokers assist both the buyer and seller of privately held businesses. They have a vast network of businesses that are currently for sale. The downside of using a business broker is that they can be quite expensive. Most business brokers take a commission between 10-15% of the selling price. However, they can help pinpoint your skills and interests, connect you with current businesses for sale, and help you negotiate once you find a small business.
For more information see 5 Benefits of Using a Business Broker and Finding a Quality Business Broker.
Franchise Consultants
Like business brokers, franchise consultants have a large network of countless business opportunities. Franchise consultants meet with their clients to discuss their interests, skills, and goals to determine what franchises may be a good fit. Both franchise consultants and business brokers can help save you time and narrow down the possibilities of potential business acquisitions.
Personal and Business Networks
Simply asking around your networks can help increase awareness of business opportunities for sale. Inquiring about businesses you have an interest in owning can also help. Perhaps the business owner is interested in selling their business but hasn’t yet begun the process. Not to mention, speaking with owners of businesses in industries you are passionate about can help you find a good fit.
Classified Newspaper Ads and Industry Publications
Both classified newspaper ads and some industry publications contain a section on potential businesses for sale. Classified newspaper ads can help you narrow down your search for a business to a specific area. Whereas an industry publication can help narrow down your search to a specific industry.
Summary
Finding a business to buy can be challenging and time-exhaustive. With the help of the right sources, you can find a business that is a good fit for your personal and business goals. The above resources can help you get in touch with the right people. For additional information read Resources for Finding the Right Business.
Once you find a business to buy, it is important to understand the value. Knowing what to pay for the business is key. A business valuation can help determine a fair purchase price. Many companies that sell are either undervalued or overvalued. A business valuation expert can provide an in-depth analysis of the business to help you feel confident in your decision.
Peak Business Valuation, business appraiser, works with dozens of buyers across the country. We would love to assist you in the process of buying a business through a business appraisal. Questions are always welcome! Get started today by scheduling your free consultation below!
Schedule Your Free Consultation Today!
