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Tips for Finding a Business for Sale

By: Peter Watson
Total views: 1750
Word Count: 604
Date: Tue, 7 Feb 2012 Time: 10:26 AM

If you are the entrepreneurial and enterprising type, you may be looking for a business for sale. But, you may not even know where to begin.

You may not know all the legalities, contract types, and other details involved in buying a company. And, there are always a number of people ready to take your money and provide no value in return.

But, like anything else, spend a little time up-front investigating. Then, once you’ve learned more of the ins and outs, you’ll be better prepared to make the right decision.

And, the better decision you make, the more likely you are to experience long-term success!

Where to Find a Small Business for Sale

If you’re looking to purchase a smaller company, you have plenty of opportunities. There are always plenty of websites willing to help you arrange a deal.

If you’re looking for something more local, why not try reaching out to your local chamber of commerce? Many owners gather there, and you’re much more likely to find a small business for sale.

Tips for Selling a Business

If you’re ready to unload one of your companies, keep in mind a few of these tips:

  • First, determine how much the organization is worth. The most interesting aspect for prospective purchasers will always be profitability. Determine a multiple of your profit and see who bites.
  • Assume you’ll have to restate your financials. Showing little profit is great during tax time, but bad when you’re looking to sell. Take out the expenses you use to pay yourself, health care, and benefits so you can show your real profitability.
  • When selling a business, don’t count on an all-cash buyout. Most purchases are done with at least some level of financing. In some cases, this is as high as 70%.

How to Market Your Business for Sale

You have a number of options available for placing your business for sale. There are always plenty of online options.

Much like when you are buying an organization, you could check with other people at the chamber of commerce. You could also check with your local government or state association for additional resources.

How to Go About Buying a Business

When buying an organization, it is important to keep a few things in mind. Here are some things to think through first:

  • Know which kind of company works best for you. If you like to work normal weekday hours, a restaurant may not be the best choice.
  • Get your financing set first. Before you even approach anyone about buying a company, be sure you have access to financing. If you appear to lack the ability to close the deal, no one will even talk to you.
  • Ensure you have professional help. Buying a business on your own can be very time consuming. At minimum, you’ll want the help of an attorney and accountant.

Think it through. If you have located what you think is the right opportunity, be sure to think it through. By looking at as many deals as possible, you’ll learn what you like and don’t like. And, eventually, you'll discover the right business for sale.

About the Company

Business Trader is an online network that connects business owners with business buyers across Australia.

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