Connecting retiring owners with buyers wanting to grow an established business


Tips and Articles for Entrepreneurs: Selling or Buying

Window Shopping on BizBuySell

Now is a great time to go window shopping for a business of your own one day. The market tends to pick up now through springtime as owners look to sell their businesses so there are many choices now. You can buy a business without much $ down. SBA loans can be 5-10% down, in fact.

One thing I tell clients is that when you're looking for a business, BizBuySell is a terrific place to window shop. Sure, you might find a great business, but maybe it's not WHERE you want to work, it's too big or small, or the price doesn't seem quite right. But pay attention to your reaction to them.

Here are a few tips to getting the perfect business you've always wanted:

  1. PAY ATTENTION TO CHARACTERISTICS. Look online to get a feel for the kind of business you want and note the attributes of that type of business. You might like the idea of a neighborhood bar, but what you really enjoy about it is that it brings a community together. Maybe an art gallery would do the same thing. Ask yourself WHY a few times and you might get to a broader attribute that applies to several kinds of businesses and won't limit your search. I personally think niche businesses are a great way to go. You might not think to search for them by name.

  2. SHARE YOUR WISHES. If there is someone in the industry (like me) who can be your second set of eyes once you've established key attributes, you'll not only have better luck when something comes onto the market, but they may be able to approach the exact business you seek. Also, there are many many businesses that are available for purchase that are not listed on BizBuySell. We hear from many owners who say, "I'm not quite ready to sell yet, but if the right offer came along..." so I can put you in touch.

  3. DON'T FILTER ON PRICE ALONE. A good portion of the time, owners choose to start with an asking price that they believe their business is worth, not an objective standard, so don't be intimidated by a high price when you see it. Be patient and you are likely to see that price come down over time as they become more interested in selling. Also, don't be afraid to make an offer for an amount you think it's worth. When an owner sees a real offer on paper, it's much harder to turn it down than they might realize.

So, on the next rainy day when you're in your office or cubicle feeling 'meh', Open BizBuySell and window shop for a while. Message me with what you think is your perfect business and I'll be on the lookout for you.

Kris FuehrComment