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| What About Buying a Business? |
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What are your passions? What really gets you excited about going to work? Chances are, if you find that product or service mix andthe kind of customer that really makes you look forward to going to work each day, you will have found your ideal business.
Knowing what drives you is key to determining your first business purchase. It is helpful when the income you can make from your passion in business will satisfy you as well. Many investors will choose businesses based solely on projected return on investment. The mistake they make in some cases is that ownership and good management does not necessarily guarantee a return. Sometimes it is all about the relationships. If the owner/manager really enjoys the interactions with the customer and team members, and has pride in the product or service, that enthusiasm will show throughout the organization. If the owner does not instill that confidence and enthusiasm in the team that represents the product or service, customers will recognize that. In summary of this point, it is far better to choose a business based on your interests than one you feel will give you a better return on your investment, provided that you do your homework and have a plan to develop the business into an enterprise that will sustain your lifestyle.
Finding the BusinessThere are many business listings on various websites, and there are some businesses for sale that are not listed. A good business broker can help you find a business that fits your criteria if you cannot find what you are looking for among the listings available on the Internet. Just like there are homes for sale by owner, there are business owners who would like to sell but have no idea what their business is worth, or how to go about it. By hiring a broker to find a business for you, the businesses that would otherwise be unavailable can be discovered. Since most brokers work on a contingency, you will likely have to pay an up-front fee, or some portion of the purchase price at closing as a finders fee. What you can also get from using a broker is assistance in due diligence which is crucial to buying any business. The broker can also arrange financing and handle the escrow and closing paperwork with the assistance of an attorney. A good place to start looking for a business is with the business brokers in your area. There are many sites on the Internet that offer listings as well. Buying a business: http://www.entrepreneur.com/startingabusiness/startupbasics/article196550.html http://entrepreneurs.about.com/od/buyingabusiness/Buying_a_Business.htm http://www.sba.gov/smallbusinessplanner/start/buyabusiness/index.html
Sites to find businesses for sale: http://www.murphybusiness.com/ http://www.mergerplace.com/mp/visitor/buyers/search http://us.businessesforsale.com/us/advancedSearch.aspx http://www.businessbroker.net/ http://bbms.ibba.org/business-search.asp Bryan Cook is a business broker and consultant based in Knoxville, TN This e-mail address is being protected from spambots. You need JavaScript enabled to view it
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