Thinking of striking out on your own? Or you've just grown tired of working for someone else? Or tired of the company politics, or caught in the changing economy? Perhaps you are just out of college or trade school and want to take control of your own destiny? You ask yourself where do I start?
Finding the right business is very challenging and can be very time consuming. But before we get into the negotiating and the “how to” part, let’s review what you are all about – then when you call us we can talk about a strategy for you.
Based on our experience, what follows are some observations about buyers that have gone on to become successful business owners. The list is not meant to be all inclusive, or cast in stone but anyone thinking about putting their hard earned money on the line should review these and see how you stack up in comparing your strength and weaknesses.
- You must have the ability to sell and have some marketing skills.
- Successful buyers always have a game plan.
- Buyers who are short on selling/marketing skills can get a partner or key employee who can handle that end of the business.
- Give attention to the cash flow after your debt payments to make sure that you have some breathing room.
- Make sure you are comfortable with the seller, and that he/she is in a nutshell honest.
- Every business will have a flaw, the key is to finding it and developing a strategy to address it.
- Once you locate a business, don’t fall into what we call “paralysis by analysis”. Make decisions so you can move forward.
- You have seen this one before many times – have some good advisers, and use them.
- During your evaluation of the business ask yourself exactly what you are buying. It may be dependable cash flow, a good customer base, a great product or service, a business that offers growth, reliable equipment, or a new and exciting technology, just to name a few.
- Know what you are buying.
Directed Business Buyer Searches
If you are a new business or franchise buyer that can’t seem to find what you are looking for consider hiring Hartford Business Brokers to find that business for you, and help in getting the deal closed. You will spin your wheels less, reduce your anxiety factory, and purchase your new business much sooner.
Each directed search is tailored to your specific requirements and the cost of the search is reasonable.
Call Hartford Business Brokers today for a No Charge Consultation. Everything we talk about is confidential.
