Question:
I have been looking online and in the newspaper to buy a business for nearly a year now. I haven’t even found one yet that is worth visiting. Is there a better way to go about this search? I’m just about ready to give up. Help!
Answer:
There is absolutely a better way to go about this process! First, you need to adjust your thinking. Keep in mind that a business for sale listing be it online or in a newspaper can only give you a snapshot of the business. These ads cannot, on their own, outline everything about the business.
If you spend your time searching endlessly you’ll end up looking for another six months with no results. This is a common reason why 90% of the people who begin the search to buy a business never complete a transaction. You need to shift from “looker” to “buyer”.
Arranging seller visits is critical to the business buying process.
It is the best way to gain focus and clarity on the right business for you. Starting today, when you look at a listing, and even if it remotely interests you, I want you to do the following:
- Contact the seller/intermediary
- Sign the necessary confidentiality agreements
- Ask your key questions when they contact you
- If satisfied, immediately arrange a visit or phone call with the seller and broker
Make it your goal to visit with at least five businesses over the next 30 days. I can assure you that by doing so you will feel completely rejuvenated about this process.
From these meetings you will be able to either eliminate or pursue each business. As you meet more sellers, you will become clearer about what you want and don’t want in a business. With this clarity, when that right one presents itself you’ll be able to pounce right on it and get a deal in place.