The most important thing to remember at this point, in your eagerness to buy, is not to buy the first "great deal" that comes along. (…) Even if you find the perfect sweetheart deal the first day of your search, shop around anyway. Take the time to analyze and compare several prospects, so you'll know a great deal when one comes along.
Begin by scanning the "Business Opportunities" sections of your local and regional metropolitan newspapers and The Wall Street Journal. (…) Get copies of trade publications in the industry of your prime interest, and check the "Marketplace" or "Classifieds" section for businesses for sale.
Contact local business brokers, and explain in writing, exactly what you're looking for. Otherwise, like real estate salesmen, they'll show you every listing from ice cream stands to funeral homes. Typically, the seller of a business pays broker commissions, so it should cost you nothing for a broker to help you during your search process. But don't sign any exclusive contracts. (…)
Although (…) brokers’ are reputable, my experience in over 25 years has been shabby at best using business brokers. I would advise extreme caution.
Sources of information abound. Ask your banker, your accountant, lawyer, industry suppliers and wholesalers for any companies which might entertain a purchase offer. An inside tip gives you a head start on any deal.
The most direct approach is to contact a list of qualified companies directly. A lot of burned out owners are hiding in the corporate jungle, desperately wishing they could retire. You could be their salvation.
In fact, you'll be amazed at how receptive so many business owners are to at least considering selling their business. My partner in a tax consulting firm decided the best way to approach prospects in his industry was a cold phone call to the owner himself. He says that he frequently got a response to the effect, 'Our company is not for sale. We're having a great year. When do you want to get together?'
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