So you want to buy a business, but perhaps you're not sure where to start. There are many methods of initiating your purchase and each has its own pros and cons depending on your circumstances. Additionally, when you're navigating the potentially complex obstacles associated with buying a business, it's vital that you enlist the help of a resource you can rely on, making your decision even more important.
We've put together a list of the best methods of contacting a business you want to buy to help you discover the right choice for you.
Nowadays, there's very little that can't be achieved via the internet, and contacting a business you want to buy is no different. There are many websites that 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 scroll through the options and get a snapshot of some of the business' key selling points.
On the other hand, you also have the option of placing your own advert so sellers have the chance to 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 of these methods can provide you with the security of feedback from a third party, they do provide a cheap method of contacting businesses and cuts out the middle man, so you can manage your own deal.
If you're the sort of person who relishes 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 introduced to 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 in this method, 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. The instruction of a broker does have the advantage of providing you with an experienced source of information and voice throughout the sale. Additionally, you will have access to additional professional services and any other tools you may need to help you complete the purchase; from help with research to dealing with complex financial issues. However, this expertise does come at a price, and the use of a broker is more expensive than the cheaper (and in some cases, free) methods mentioned above.
To ensure you don't pay more than necessary, your search for a broker should take into account their fees, 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 on your search for a new business.