If you are in the market to buy a business – you probably already have a bit of an idea what you want. A dream industry, a long-sought location or a passion project turned entrepreneurial goal. 

Ok, great – you know what you want. That’s step number one. Now, the questions get a bit harder.

Once you enter the business search process, you will likely find a number of businesses that might be a good match. How do you decide which one is the right one?

Here’s where a big factor comes in, one you may not have considered.

How big of a project do you want? 

What do we mean by that? Like anything in an open market, businesses can run the gambit from wildly successful and exquisitely organized to lightly congealed and barely successful. Circumstances from even the far ends of the spectrum could end up a great buy for a particular buyer – you just need to decide where you want to fall on that spectrum. A wildly successful and exquisitely organized business is going to probably cost a lot up front – but you won’t have as much of a project to contend with. Similarly, the opposite end of the spectrum will get you a business for a great price – but you might need to do a lot to get that business to a good place.

To decide where you fall on that spectrum, think about what your goals are for business ownership. If you have a bit more capital to invest and are looking for something stable – look for businesses that have great numbers, great reviews and many years of existence. If your goal is to make the most of your money and you like a challenge, then something nearer the barely successful end of the spectrum might be right for you. A bit of effort – some re-branding, a few staffing and protocol changes, perhaps some remodeling, a marketing plan, retooling of customer service – these are the things you may have to do to get a red-line business back in the black. An entrepreneur who wants a serial-entrepreneur lifestyle (one where you buy a faltering business, grow it to a certain metric and then sell for a profit before finding your next venture) would be well-suited for this lower end of the spectrum.

How can you decide how much of a project you want? Think about what will make you happy day-to-day.

Do you want to just go to work and keep it simple, or are you someone who would be bored with that and needs a challenge? Once you decide, talk to an experienced and qualified business broker. Discuss the amount of capital you are willing and able to invest, as well as your optimal project-level. They will be able to take this information and find businesses that will be a good fit.

Are you considering buying a business but hadn’t considered how much of a project you are willing to take on? Do you need help finding a business that will fit with your goals for business ownership? Ask us! Leave any questions or comments and we would be happy to help.

Michael Monnot

941.518.7138
Mike@InfinityBusinessBrokers.com
12995 South Cleveland Avenue, Suite 249
Fort Myers, FL 33907

www.InfinityBusinessBrokers.com