How Do You Find a Business to Buy?

How Do You Find a Business to Buy?
When you have decided on the type of business that you are best suited for, the next step is to
search for a business. There are several considerations you will have to keep in mind as you look
for a business to buy. These include location and how much you can afford to spend (budget).
Now that you have an idea about where you want to look for a business and how much you have
to spend, you can start looking.
• The Internet is a great place for you to start looking. You can simply start by
going to any search engine and typing “businesses for sale” in the search box. Be
more specific by putting your location. For example, if you are looking for a
business in Phoenix, Arizona, type “businesses for sale in Phoenix, Arizona.”
Conducting the search on your own may prove to be time consuming and may
not yield the best results. If so, you might want to use a business broker. You
may be responsible for some business broker expenses. Doing you own searching
on the Internet will be free.
• Business brokers help people buy or sell a business and have the resources to
help you reach your goals. You can tell them the type of business you are would
like to buy and they can search within their database to see if one is available. If
not, they can search for one that meets your criteria, saving you the time.
Business brokers typically charge the seller a percentage of the final sale price,
payable at the close of the deal. Be sure to ask a broker up front if there are any
fees or expenses you will be responsible for as the buyer and perform due
diligence before selecting a business broker. Get references and check to see if he
or she is a member of a local or national business broker association.
• Another free resource is your local newspaper. The Business Opportunities
section will feature advertisements with business for sale. The Sunday paper has
a larger listing in that section. You can also use the newspaper and the Internet to
place an ad stating the specific type of business you are looking to purchase.
• You can also search for a business to buy by attending various networking events
and using word of mouth as a starting point. Start by attending local civic and
business organization meetings as well as events sponsored by your local
Chamber of Commerce. There are also industry specific organizations or
associations that you can visit. Networking with people that are in a specific
industry will enable you to learn more about available opportunities.