Just a quick post to let you all know that I have completed a new webinar entitled Business Buying Secrets Revealed.
I made a recording of it and have posted on the business-buying-help.com site.
In it I cover the basics of what you need to know plus insider secrets on hot topics like valuations and negotiating some very critical points to keep you in the driver's seat and and get an excellent price for the business you are pursuing.
I also talk about signs of a bad deals and time wasting business for sale listings.
Of course at the end of the webinar you'll have the chance to get your hands on some exclusive tools to go with what you have learned.
Here's the link to see the webinar recording:
http://www.business-buying-help.com/businessbuyingsecrets.html
Most people only get to do this once in a lifetime so let's make sure you do it right by knowing many of the things you will be up against and how to handle them as well a few inside tips on getting a great deal on a good business.
Buying a business is not an easy venture. If it was, everyone would be able to successfully accomplish it instead of only 10% of those that attempt it. You'd be surprised at how many of that 10% who pulled the trigger went ahead and made very costly mistakes in their business purchase.
So why not find out how to avoid most of the problems and be handle the many other issues that will come about during your business buying venture?
Hope you take me up on my offer as this is totally free and you are welcome to ask me questions about the recorded webinar once you see it.
http://www.business-buying-help.com/businessbuyingsecrets.html
The Business Buying Guru
Wednesday, September 2, 2009
Friday, August 21, 2009
Finding a Business to Buy- Review & Seller Meetings
To continue on from 2 posts ago, once you have gathered all of the information possible from the broker or a seller in a FSBO situation, It's time to review the information and put together viable questions to ask the seller.
So, once you have the vital information you need you must really review it. This is the time to ask questions. However, it is not the time to start negotiating.
If you are getting into a business that you are not very familiar with regarding the technical aspects, get some help with good questions to ask. Believe it or not, asking irrelevant questions will not be received kindly by either the Seller or the Broker representing the listing.
There is nothing wrong with going into a fairly unfamiliar business, but asking the right questions with help from a Business Advisor or Broker will become essential in this type of circumstance.
Asking nothing at all, whether you know the industry or not, is also not a good idea.
When you have done your review and things still look interesting, this is the time to request a viewing of the business and/or a meeting with the Seller.
A meeting with the Seller will not be made to negotiate price when dealing with a Broker. This is neither the time nor the place. Doing this separately with the Broker in the middle of the Seller and you is crucial. Most smart Brokers will also have you conduct a visit as a customer in situations such as in a retail business before allowing a Broker-mediated meeting with the Seller.
If a Broker is not involved, this meeting will probably end up being the start of negotiations between you and the Seller. But I do not recommend it if avoidable. Take the additional information you have now that you have seen the business and review it again along with the previous information you received. Do this after the meeting without the Seller present.
Again, it often ends up not being pretty when negotiating directly with the Seller unless you are going to offer very close to the asking price. This is why I do not recommend dealing with FSBO businesses.
At this point you should be in a position to make a preliminary valuation of the business and an offer. More on that in another post.
To Your Business Buying Success-
The Business Buying Guru
So, once you have the vital information you need you must really review it. This is the time to ask questions. However, it is not the time to start negotiating.
If you are getting into a business that you are not very familiar with regarding the technical aspects, get some help with good questions to ask. Believe it or not, asking irrelevant questions will not be received kindly by either the Seller or the Broker representing the listing.
There is nothing wrong with going into a fairly unfamiliar business, but asking the right questions with help from a Business Advisor or Broker will become essential in this type of circumstance.
Asking nothing at all, whether you know the industry or not, is also not a good idea.
When you have done your review and things still look interesting, this is the time to request a viewing of the business and/or a meeting with the Seller.
A meeting with the Seller will not be made to negotiate price when dealing with a Broker. This is neither the time nor the place. Doing this separately with the Broker in the middle of the Seller and you is crucial. Most smart Brokers will also have you conduct a visit as a customer in situations such as in a retail business before allowing a Broker-mediated meeting with the Seller.
If a Broker is not involved, this meeting will probably end up being the start of negotiations between you and the Seller. But I do not recommend it if avoidable. Take the additional information you have now that you have seen the business and review it again along with the previous information you received. Do this after the meeting without the Seller present.
Again, it often ends up not being pretty when negotiating directly with the Seller unless you are going to offer very close to the asking price. This is why I do not recommend dealing with FSBO businesses.
At this point you should be in a position to make a preliminary valuation of the business and an offer. More on that in another post.
To Your Business Buying Success-
The Business Buying Guru
Wednesday, June 24, 2009
Still a Buyer's Market for Purchasing a Small Business
Yes the economy still kind of stinks. And yes the banks aren't giving out money. But this is a good thing...
If you are in the market for buying a small business.
I'll be quick and to the point on this. If you are truly ready to buy a small business, now is the time to do it. Business owners are more running scared than actually doing poorly. When they are running, they aren't looking for opportunity to keep growing. And you can easily see that with proper due diligence. That's a business buyer's market.
Many business sellers are in the baby boomer category and are looking to continue on with retirement plans. When they have that mindset, they do not want to wait another few years to see what may happen to their solid business. They want out now. And that means a business buyer's market.
Bank's are tight on lending and seller's want to sell. When that happens, the best type of financing for all parties becomes much more clear and acceptable. And that would be seller financing. Sure you still have to come up with a down payment and most likely more than a bank would ask for (in normal times). But who cares? Now you can get a business worth $500k for $400K plus not go through the lengthy process of dealing with a bank. It's a business buyer's market
Look if don't have some kind of liquid money you can't and shouldn't be buying a business anyway. So why not find the many gems, mostly owned by baby boomers, that are waitng to get picked off. Discounts galore and no slow banks processes. You can't ask for more. All you need is that down payment and a solid foundation of the business buying process.
Did I mention it's a business buyer's market?
To Your Business Buying Success-
The Business Buying Guru
If you are in the market for buying a small business.
I'll be quick and to the point on this. If you are truly ready to buy a small business, now is the time to do it. Business owners are more running scared than actually doing poorly. When they are running, they aren't looking for opportunity to keep growing. And you can easily see that with proper due diligence. That's a business buyer's market.
Many business sellers are in the baby boomer category and are looking to continue on with retirement plans. When they have that mindset, they do not want to wait another few years to see what may happen to their solid business. They want out now. And that means a business buyer's market.
Bank's are tight on lending and seller's want to sell. When that happens, the best type of financing for all parties becomes much more clear and acceptable. And that would be seller financing. Sure you still have to come up with a down payment and most likely more than a bank would ask for (in normal times). But who cares? Now you can get a business worth $500k for $400K plus not go through the lengthy process of dealing with a bank. It's a business buyer's market
Look if don't have some kind of liquid money you can't and shouldn't be buying a business anyway. So why not find the many gems, mostly owned by baby boomers, that are waitng to get picked off. Discounts galore and no slow banks processes. You can't ask for more. All you need is that down payment and a solid foundation of the business buying process.
Did I mention it's a business buyer's market?
To Your Business Buying Success-
The Business Buying Guru
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