If you want to buy a business but aren’t sure where to start. there are numerous methods for initiating a purchase, each with its own pros and cons. And, when you're navigating the potentially complex obstacles associated with buying a business, it's vital you enlist the help of a resource you can rely on.
We've compiled a list of the best methods for contacting a business you want to buy, to help you make right choice.
Nowadays, there's very little that can't be done on the internet and contacting a business you might acquire is no different. Many websites exist to help potential buyers search for and contact a seller, by providing a platform for listings-style advertising. You will have the opportunity to quickly assess your options and get a snapshot of some of the business' key selling points.
On the other hand, you also have the option to place your own advert so sellers can contact you themselves. In this case, the more information you provide, the more likely it is that you will receive serious enquiries from business owners looking to sell.
While neither method provides you with the security of feedback from a third party, they do provide a cheap way of contacting businesses while cutting out the middle man, allowing you to manage your own deal.
If you're someone who values advice from a trusted friend or acquaintance, word of mouth may be the best source of information when seeking a business to purchase. With a mutual contact playing a part in the deal, you could find that the process is significantly faster and smoother, avoiding many of the issues associated with dealing with an unfamiliar source.
The internet can also play a vital role here, providing an easy forum for finding other trusted sources that could help you explore your options. It may be that someone you have a positive online relationship with has some advice, or perhaps a source trusted by many other internet users could steer you in the right direction.
This is the most traditional method of finding a business for sale. Using a broker does have the advantage of providing you with an experienced adviser throughout the sale. You will also have access to additional professional services and other tools you may need to help with the purchase; from research assistance to dealing with financial issues. However, this expertise comes at a price, and the use of a broker is more expensive than the cheaper methods mentioned above.
To ensure you don't pay more than necessary, your search for a broker should take into account fees, their experience in the industry you are searching in, and the services they offer. It's not always the case that the more expensive option will be the more reliable, so try to balance your requirements with your budget if you feel this is the path for you.
Get in touch to find out more about the option that would best suit you in your search for a new business.