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Contributor:Peter Siegel
Posted by:Joe Ranieri
After consulting with business buyers for over 25 years I highly encourage them to have a "buying a business checklist", an important tool if they are serious about purchasing a company and not wasting a lot of time looking.
Only 20% of all potential business buyers actually end up purchasing a small business (bottomline: use the tips below to be part of the 80% who are successful)!
Successful buyers typically are prepared, have been professionally pre-qualified for business purchase financing, have a reliable team of professionals assisting them, post a comprehensive business wanted to buy posting that attracts the attention of not only serious sellers but also sellers who may be waiting on the sidelines looking for a "vetted" buyer, and buyers who can successfully negotiate a fair price and deal terms that take the transaction to a successful close.
The main items that should go into that checklist to buy a small business are:
1. Getting personally prepared
2. Organizing a team
3. Cast a wide net
4. Respect the sellers' request for confidentiality
5. Try for a win-win in negotiations with an owner/seller whose business you'd like to buy
6. Pay attention to the details when a transaction is in the escrow/bulk sale process
Buying a small business is not rocket science, but like anything else if you want to be successful you should pay attention to the details of the entire deal and surround yourself with a dedicated and professional team to assist you in your efforts.
Contact me to get started.
Steve Niehaus, MBA, CBI, CM&AP
[email protected]
239.565.3171
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Wed, Feb 16, 2022Share Article
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Buying A Small to Mid-Sized Business: A Checklist For Serious Buyers Of Small Businesses
