Key Business Buyer Issues

No matter what the economic or politic climate is at any time, one can always find an external reason not to buy a business.

Today, for example, and in the U.S. specifically, many people are still concerned, as they should be about the present-day economics, the election cycle concerns – seems like there is always an election going on, the usual list of international crisis, falling or rising oil prices, and countless other external issues.

Clearly, there is some validity to these matters, but there are always going to be these types of issues at play. The world is never static.

Ultimately, it does take faith, confidence, hope to make a significant career change or investment and often times, it is the core strength of the individual that will determine whether or not they can move forward to buy a business.

I have spent a career dealing with business owners and prospective buyers and have always been intrigued by the common traits that enterprising individuals share. In other words, why is it that some people have the ability to get to the finish line and purchase a business while others never do?

This week, I had two very interesting meetings: one with a longtime colleague of mine and another with a successful business owner. Both of these individuals happen to be staunch Republicans and each were telling me the country is falling apart (they say that no matter who is in power) yet, what I found to be absolutely fascinating is that both are moving forward with very aggressive entrepreneurial pursuits.

My colleague wants to buy a business and is eager to do so in the short-term despite his concerns from a macro economic sense. The business owner wants to acquire a competitor or ancillary business that he can dovetail into his existing business.

Both told me the country is “headed in the wrong direction”, nevertheless they each believe that opportunities are abundant right now and they both used the exact same words to describe their plans when they stated: “it’s a great time to take advantage of the market.”

It is this exact spirit that separates entrepreneurs from those who simply dream about becoming their own boss.

The lesson is simple: if a prospective business buyer listens to all of the external noise they can easily convince themselves not to buy a business now or ever.

Instead, adopt the attitude of the two individuals I mentioned, and face the facts that these external forces are not only beyond your control, but neither can they handicap your decision making abilities. They will always be there in some form or another.

So, is it the right or wrong time to buy a business? The answer is yes to both scenarios; it all depends upon your perspective. The bigger question however is whether or not you can program yourself to see the opportunities available and not be distracted by all the so called “reasons” you should not be enterprising.


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