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Why buy an existing business?

There are many good reasons to buy an ongoing business. First, you don't have to build a business from scratch. With the Seller's help, you simply take over the operation of an established business. As the new owner you will have: An immediate Cash Flow, Trained Employees in place, Established Suppliers and Credit Experience, Established Customer Base and Name Recognition, Existing Licenses and Permits, Training by the Seller, and Possible Owner Financing.

What are some of the things to consider when buying a business?

The most important question to ask youself is, "Do I Like This Business?" If you cannot see yourself working in this business, then no amount of compensation will be enough! Money is not the key factor. Additional considerations are: location, competition, down payment, and owner's true discretionary income.

Why is the Seller selling?

Seller's usually sell for one of the following reasons: poor health, divorce, death in the family, retirement, or plain ole ordinary "Burn-out". Any Seller who has been in the same business for more than 10-15 years is probably suffering from some degree of burn-out.

What can I do that the present Owner is not doing, in other words, can I improve the business and grow it?

The answer to this question is almost always "YES". Sellers typically "have been doing it this way for 20 years." A new, energetic owner can increase sales by as much as 20% to 25% within the first year simply by bringing new innovative ideas and modern improvements to a business whose sales have leveled.

Why should I use a Broker to buy a business?

First, you will save both time and money. The Broker knows what businesses are available, and the Seller pays the brokerage fees. Your Sunbelt Broker can structure a transaction that is good for all parties involved. Business Brokers South are professionals and have had experience in overcoming every imaginable obstacle. We will show you how to make an offer to purchase that protects you. As a "Transaction" Broker, we can coordinate the process and handle the negotiations at "arms length", this is very important because after the closing you will need the Seller's assistance in learning the operations.

Important Points about buying a business that every potential Buyer should know:

1. Approximately 90% of those buying a business end up with something completely different than the business they first inquired about.

2. 90% of business Buyers are first time Buyers and are looking to replace a job.

3. The financial statements of a small business are the result of the owner's personal decisions and are prepared to minimize income taxes.

4. Small business owners are cautious about revealing their financial records until they know that they have a bona-fide Buyer interested in purchasing their business.

5. Making the offer to purchase is not the final act--it is the first small step on the way to buying a business. Making an offer is like asking someone out on a date, it is not asking someone to get engaged. Once you see that the business is right for you, then plan the wedding.

6. Buyers will be protected by contingencies that effectively allow withdrawal of the offer at any time for any reason. Deposits are fully refundable up until the time that the Buyer allows the closing documents to be prepared.

7. About 80% of new, start-up businesses fail within the first three years. Buying an active, ongoing business greatly improves the probability of your success.

8. Most studies indicate that people who buy a business want to run their own show, be their own boss and build something for themselves. Money is not the key motivator.

9. Most business Buyers will not have sufficient funds to pay cash for a business.

10. Banks do not like to finance small businesses. It is best to start looking for financing from other sources. The Seller will be the first one we approach.

11. Directly negotiating with the Seller can be stressful and may create friction between you and the person that you may be asking for financing and training. Negotiating is our job!

12 Buy a business that you like, one that you can picture yourself in. Look for the many ways that you can improve the business and what talents you can bring to the operation.

13. An enthusiastic new business owner/operator can almost always increase revenues about 20% to 25% within the first year.

14. The Seller will provide complete training and sign a non-compete agreement with you.

15. Be realistic.. A $10,000 investment will not get you a business that earns $100,000 a year. Your Sunbelt Broker will discuss the price range of businesses you may expect to buy with the cash you have available for a down payment.

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