When you are considering buying a business and joining the entrepreneurial world, there will be many challenges along the way.

The process itself can be complicated and frustrating, but the key to success is patience. If you are ready to begin the buying process, here are 3 things you should keep in mind:

#1: Stay calm

Buying a business is a daunting, time consuming and challenging process – particularly if you are new to the game and have never bought a business before. When you are negotiating with business sellers, working through complex contracts, ironing out the details of your new commercial lease, dealing with the bureaucracy that is required to obtain the proper permits and licenses –  what might start as a minor frustration or hiccup can morph into a big problem if you let it. Deals can fall apart because a buyer is impatient with the process, and instead of working through each issue they throw in the towel instead. In small business buying, patience is the key. So is working out small issues before they become big ones.

#2: Let go of looking for “perfect”

One of the major challenges we deal with is breaking the false assumption that somewhere out there is a gold, gleaming and perfect business. The perfect business is a myth, and chasing that myth will keep you in business search purgatory forever. All businesses have underlying issues, skeletons in the closet and the like. If you are looking at businesses with the goal of actually buying one, you will have to decide which issues you are willing to deal with and which ones you aren’t – instead of eternally searching for “perfect”.

#3: Get some help

If you are buying a business for the first time you will have a far better chance of success with someone who knows what they’re doing by your side. That person is a business broker. Business brokers can help you figure out which industry, size of business, location, etc. will meet your goals – then find you businesses that fit the bill. They can also garner cooperation from other brokers (a nearly impossible thing to do on your own), assist with all facets of the transaction, negotiate with sellers and commercial landlords, help with licensing and permitting, put together your purchase contract – the list goes on and on. Don’t go it alone.

There are very few situations that cannot be overcome in a business deal with a good dose of patience and a bit of negotiation. Stay calm, be realistic and let your broker lead the way.

Are you thinking about buying a business and have questions about the process? Have you been in the business market before and have a suggestion or advice for first time business buyers? Please feel free to leave a comment or question here!

Michael Monnot

941.518.7138
Mike@InfinityBusinessBrokers.com
5111 Ocean Boulevard, Suite E
Siesta Key, FL 34242

www.InfinityBusinessBrokers.com