Buying a business is a major financial investment. Seeking the right representation is an even larger investment and should be made with careful consideration. Educate yourself and set realistic expectations and goals.
In today’s digital age the majority of all businesses are found via the internet. Normally the internet is home to an influx of resources. Other times potential buyers can fall victim to its endless pit of disappointment and confusion, the many options a click can provide.
The secret sauce to finding the diamond in the rough is filtration, knowing how to decipher the good from the bad, and understanding certain criteria that make a business qualified and an overall good investment.
Start With…
Self-awareness. Having an accurate depiction of your strengths and weaknesses as a buyer is conducive in purchasing the correct business for your personality and lifestyle. Have a serious conversation with yourself and ask yourself these 3 things:
- What opportunities are available?
- What are the financial obligations?
- What is the minimum owner benefit to meet the financial obligation?
Once you decide if the risk is worth the reward, and unless you have purchased/sold multiple businesses, seek out a professional.
Enlisting the help of a pro will keep the process running smoothly and give you a chance to get acquainted with the local market and help you find your “why.” As a buyer you have to find your motivation, or “why” you’re buying a business and rationalize the amount of work it will take to accomplish your end goals. You are now stepping towards becoming an entrepreneur, this is no 40-hour work week, owning a business is a 24-hour gig and not everyone is cut out for it….
Having a serious reality check and good representation can be the first steps towards becoming your own boss.
