Become a Business Owner Archives - Page 9 of 20

Want to read step two? Click here for “Buying A Business? Step 2: Search For Businesses”

Published June 21, 2021

If you think you might be ready to take the entrepreneurial leap, but don’t have a genius start-up idea you can work on in your garage – you don’t need one! Existing businesses get bought and sold everyday, some 500,000+ a year (a number that is on the rise as baby boomer owners enter retirement and list their businesses for sale). These existing businesses can instantly turn you into an entrepreneur, no start-up required.

If you’ve always wanted to be your own boss and think buying an existing business might be for you – the process is fairly straightforward.

Here’s step one: Figure out what type of business would be right for you.

This one might seem obvious, but lots of buyers come to the market without a clear idea of what they want out of owning a business – and then what type of business is going to meet that set of goals. They either have their heart set on a business that will probably meet none of their goals or they don’t really know yet what they’re looking for. Both of these scenarios are going to be counterproductive. In the first, you end up with a nightmare business you hate. In the second scenario you never buy a business at all.

Don’t start the process like that. Instead, start by figuring out what your goals are.

This one is probably the most important. Sometimes people want to own their own business because they feel like becoming their own boss will solve the problems created by working for someone else. Here’s the thing – business ownership is just as tough as the job you want to leave, it’s just tough for different reasons. Being your own boss isn’t (and shouldn’t be) your only goal. Instead, think about why the idea of business ownership appeals to you. Do you hate your current job because you wish you had more schedule flexibility? Do you wish you could change career paths more frequently because you work hard but get bored easily? Are you hoping to have more time at home to spend with your kids? Would you like to work really hard and make as much money as possible in the shortest amount of time? Are you using the move to entrepreneurship as a way to move to a new area or country? These types of introspective questions will help you come up with well defined goals for business ownership. With goals in hand, you can then look at businesses that will meet those goals – saving yourself a ton of time and effort chasing a daydream business that would end up making you miserable.

Next, pick something you already know.

If the only thing you’ve done for the last 20 years is work on cars, but you’ve always dreamed about owning your own restaurant – buying a huge waterfront restaurant is probably going to be a colossal mistake. You really need to enter the world of business ownership in an industry where you have some practical experience. The leap to entrepreneurship carries with it a steep learning curve – you absolutely do not want to add learning a whole new industry to that mix.

Third, be open minded about the types of businesses that might work for you when you begin your search.

This one can be tough for people because it can be hard to let go of a daydream – even when in reality that daydream would more than likely end up a nightmare. We regularly talk people out of buying certain types of businesses because the goal is successful business ownership – not stressful failure. Talk to an experienced and qualified business broker about what your goals are for business ownership and about your education and experience. You might be surprised by the types of businesses and industries where your goals and experience would help you thrive.

Ready to take the first step towards business ownership? Do you have questions about what types of businesses would fit your goals and experience? Ask us! Please leave us questions and comments, we would be happy to help.

Want to read “Buying A Business? Step 3: Make Some Choices” (click here!)

Michael Monnot

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

Want To Stand Out? 3 Ways Buyers Can Get Noticed

Published June 7, 2021

If you’ve spent any time in the business-for-sale marketplace as a buyer, you may have discovered that it can be incredibly difficult to get anyone (sellers, brokers and the like) to take you seriously. This can be especially frustrating if you are a very serious buyer with money to spend, so what gives?

You can thank the non-serious, time-wasting tire-kickers who came before you.

The nature of the market means something like 90% of buyers who enter the marketplace never buy anything. This can understandably cause those on the other side of the transaction (think sellers and brokers) to resist expending much energy with a new buyer until they’re sure it’s not a complete and total waste of their time.

If you’re in the 10% of actual, serious buyers how do you distinguish yourself from the window shoppers around you?

Be willing to discuss finances:

Sure, no one likes discussions about their personal finances, and it can be really tough to divulge how much money you have to a complete stranger – but if that stranger is your new broker, this is critically important to do. If your broker doesn’t know how much money you are working with, then they can’t show you businesses that would be appropriate, nor will they be able to effectively negotiate on your behalf.

Be honest:

It is incredibly important to be honest, especially about your financial situation if you really want to get a deal done. Fudging or out-and-out lying about the capital you will have available will always come out, especially when the time comes to write a check that you can’t. Other things you should keep off the dishonesty list? Your past experience. A good broker will always try to talk you out of buying a business you know nothing about. Starting in a new venture is hard enough, you absolutely don’t want to add the steep learning curve of a brand new industry to the mix.

Avoid procrastinating:

Nothing is more infuriating for a buyer than a seller who takes forever to respond to requests for information, but it goes both ways. You will absolutely be given an appropriate amount of time for due diligence, and within that time frame you should be able to make a decision as to whether or not this business is for you. Continually asking for extensions and prolonging closings for no good reason can very quickly unravel a deal.

If you are really ready to buy a business and want to be taken seriously – be forthcoming with your capital, stay honest and make decisions in a timely fashion. It will quickly separate you from the never-going-to-buy-crowd.

Are you a buyer who’s been frustrated by the lack of attention you get in the marketplace? Are you ready to make offers and want to stand out from the crowd? Contact us! Leave us a question or comment here, and we will be happy to help.

Michael Monnot

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

How Important Is Preparation When Buying A Business?

Published May 24, 2021

The short answer? Preparation is everything.

Think about buying a house. A home buyer doesn’t just drive up to the first house they see with a for sale sign in the yard and write a check. A home buyer researches the local neighborhoods, school districts and property taxes. They hire a real estate agent to help them with their search. They look at various options online and then schedule times to see homes. They also talk to banks so they can get pre-approved for a mortgage.

The process of buying a business is much more complex than the process of buying a house, yet business buyers come to the market overwhelmingly unprepared every day. They want to be driven around town by a business broker to scope out the local business market with no real thought about what they want or need from a business. If you are serious about buying a business, this is not the path to take. Instead, start with these 3 steps:

1. Have a conversation with an experienced and qualified business broker about your goals for business ownership. For instance, if the reason you are considering buying your own business is so you can spend more time with your kids, then buying a large bar that will require your presence for 12 hours a day 7 days a week is probably not a good choice. A good broker will be able to match your goals with the right types of businesses.

2. Talk to your broker about your work history and experience. Your choice of industry will need to take into account what kind of practical experience you have. If you’ve spent the last 20 years as an auto mechanic, then buying a large salon is probably not the best option. Business ownership comes with a steep learning curve so you don’t want to add learning a new industry to the list.

3. With your broker’s help, figure out what you can afford. If you’ve got $80,000 of capital to invest – you have no business looking at $80,000 businesses. It may take you several months to begin turning a profit, and during those months you will still need to pay your lease, payroll, pay for new inventory – not to mention the extra cash you will need during the closing process for things like licensing and attorney fees. Your business broker will be able to tell you what your budget for the purchase of a business should be based on how much money you have. An important note here – don’t lie to your broker about the amount of capital you actually have. Your deal will absolutely fall apart when the time comes to provide proof of finances.

Once you know what you can afford, know what industries would match with your practical experience and have an idea of what kinds of businesses would meet your goals – you can start the business search process, the right way.

Have you thought about buying a business but don’t know where to start? Do you have more questions about the business buying process? Ask us! Leave any questions or comments here and we would be happy to help.

Michael Monnot

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

Why You Definitely Don’t Need A Degree To Own Your Own Business

Published May 17, 2021

How much education do you need to own your own business?

Ask a college recruiter that question and you’ll likely end up with a MBA degree. Ask a successful business owner and they’ll tell you that nothing trumps practical experience and hard work. So who’s right?

The entrepreneur. Some of the most successful business owners out there, like Richard Branson of the Virgin Group, don’t have a formal education. They had a vision that they fought for and built into a success.

Our society places a high value on higher education – as it probably should – but this has another, perhaps unintended consequence of convincing everyone that without a degree you can’t be successful. That’s just not true, especially in the small business world. You definitely don’t need a degree to own a business.

Small business ownership does require a few things. Grit and determination. Passion. The ability to hustle and never give up. The insight to see failures as lessons that can be learned from.

None of these things require a college degree because entrepreneurship is a mindset – not a major.

Should business schools even exist? Sure, but attending and graduation from a business program is not a prerequisite for business ownership.

You know what else isn’t required to be an entrepreneur? Starting from scratch. You don’t need a garage and a brilliant idea, you just need a little capital and the desire to own your own business. There are always existing businesses on the market, from a litany of industries. Industries where you have practical experience that you can translate into business ownership success. Buying an existing business also removes a lot of the guesswork. You know that the idea, the location, the operating procedures, the products and services – they all work because the business is open and turning good numbers.

If you are apprehensive about buying or starting a business because you feel like you are unqualified – don’t. Talk to a business broker today about your goals for business ownership, about what industries might fit those goals and what businesses are currently on the market. You might be pleasantly surprised that your years of practical experience can turn you into a business owner today.

Have you always wanted to own your own business but don’t think you’re qualified? Would you like to know what industries would fit with your career goals? Please leave any questions or comments and we would be happy to help.

Michael Monnot

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

How To Sweeten The Deal When You Need Seller Financing

Published May 10, 2021

If you are like most small business buyers you don’t have a ton of cash on hand to purchase a business outright, so you’re going to need some financing. While they are some more traditional lending options like bank loans or financing through the Small Business Administration (SBA) – the most common form of financing in the small business world is seller financing.

Seller financing can be a great option for a buyer for a number of reasons. The most important reason? A seller who is offering to finance their business deal is so confident in the future of the business that they are willing to keep some skin in the game. It’s a win-win for a business buyer.

This win-win scenario doesn’t come without a cost, so to speak. You as a buyer have to hold up your end of this sweetened deal. If you want a seller to be comfortable offering you seller financing – here’s a few things you need to do:

You need a hefty down payment.

No seller in their right mind is going to finance 80%, 90%, 100% of their deal. You are going to have to put a large percentage down payment on the table if you want a seller to help you with the rest. A large down payment shows a seller you are serious and gives them peace of mind that you can afford the business you are about to buy. The amount you’ll need as a down payment will vary from industry to industry and from business to business, so talk to your business broker about what you’ll need to bring to the table.

You need to be able to prove you can successfully run this business.

If you aren’t in love with sharing proof your financial means, providing a resume, telling a seller your credit score and the like – then seller financing might not be for you. A seller is going to want to know that you know how to run their business, either by past practical experience or by education/licensing. There’s already a steep learning curve when you first take over as a new owner – no one wants you to add learning a whole new industry to the mix. A seller is also going to want to see that you have more than $5 in the bank before they loan you money, as any business owner knows that you need some capital in the bank to be able to run a business successfully. A note here – even if you don’t end up getting seller financing a commercial landlord is absolutely going to want you to prove experience and financial means before they let you sign your lease.

You might have to pay more.

If a seller is not only willing to wait to get paid and also taking the risk that they might never get paid, you might have to pay a bit more for your new business than if you were offering all cash up front. Remember that seller financing is an agreement where you benefit, so that benefit might come at a cost. How much it costs will be specific to each deal, so if you find a business you like where a seller is offering financing you can have a discussion with your broker about how taking that seller financing option will affect how much you should offer. In some cases, a seller is offering financing because they are very motivated to sell, and sell fast – and in those circumstances there might not be much difference in all cash offers and seller financed offers.

If you want a seller to trust you with their business and their money – you need to come to the table prepared. Have a decent down payment ready, be forthcoming with your information and be ready to make a fair deal.

Are you considering buying a business and want to know more about how seller financing works? Do you want to know how much of a down payment you might need for a particular type of business? Leave any questions or comments and we would be happy to help.

Michael Monnot

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

How To Avoid Becoming The Angry Whim Buyer

Published April 12, 2021

As the world recovers from long lockdowns and regular travel begins, the entrepreneurs who have put their dreams of business ownership on hold can start the process again. Here’s the thing. Buying a business is a process. One that takes planning. Lots and lots of planning.

Why do we point that out? The angry whim buyer.

It happens constantly. We get a call or email from a buyer who is in town and wants us to drive them around to see a few businesses while they are here. Oh, and they leave tomorrow to go home so it has to be today.

Guess what? Not going to happen – not because we don’t want to sell you a business, but because seeing a business on whim is utterly impossible. It can not be done. When we tell this buyer no, they inevitably get angry. Angry because they want to see a business and they would be spending a lot of money. Angry because today they have nothing to do and it fits into their schedule so it should also fit into ours.

Here’s the reality. That angry whim buyer obviously planned their trip. They bought plane tickets. They packed bags. They took leave from work. They arranged pet sitters. They reserved a rental car.

If this buyer really wanted to see businesses while they were here – they absolutely could have if they had just planned ahead like they did with all the rest of their travel arrangements.

Why can’t I just go see a business when I feel like it? Why do I have to plan ahead?

Operating businesses protect themselves while they are for sale by maintaining a shield of confidentiality about that for-sale status. No one except the seller, the broker and buyers who have signed the appropriate non-disclosure agreements know that the business is for sale. This keeps the staff from quitting en masse. It keeps vendors and clients from canceling contracts. Most people think that a business for sale is a business in trouble (hardly ever true), so it is vital that the for-sale status stays need-to-know.

What does that mean for a business buyer who wants to see a business? The process usually goes something like this:

You talk to a business broker about your goals for business ownership, the amount of capital you’d like to spend and about the types of industries you are interested in. They help you narrow down the list of all potential businesses for sale to just those that would be what you are looking for. You then sign NDAs for those businesses and get a cursory look at some financial information as well as the name and location of the business. That information is used to narrow your list further to just those businesses that you really like. Your broker will then contact the seller’s broker and set up a conference call between you and the seller. If you are still interested in the business after your initial conference call with the seller, you can set up a walk through of the business location. This visit will have to take place when the business is closed so no employees or customers will be around. It will also have to occur when you, your broker, the seller’s broker and the seller themselves are available.

It should be obvious that this process can’t happen in a couple of hours. It just can’t.

Here’s what you can do instead. When you start planning your trip – plan to see some businesses. Talk to a broker. Sign the NDAs. Talk with some sellers. Coordinate a few business visits long before you step on the plane. Using the process to your advantage will keep you from wasting your time looking at businesses that never would have worked for you in the first place. Start planning today.

Are you thinking about traveling to see businesses and want to know more about the process that’s required? Would you like to know what businesses are for sale in a particular area? Ask us! Leave any questions or comments and we would be happy to help.

Michael Monnot

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

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Business Buyer? Why You Need The Entrepreneur Mindset

Published April 5, 2021

If you are ready to jump into business ownership you may have a type of business in mind, you may have the capital raised for the purchase and you may even have a business broker searching for the perfect opportunity – but what you may not have is the right business mindset to truly succeed as an entrepreneur.

Here are a few of the ways you can change your mindset to set yourself up for success:

Actions speak louder than words.

Business plans are great, but you need to keep from spending all of your time focused on an idealistic plan. In most small businesses, the way you hope things will go and the way they actually go are two completely different things. Great entrepreneurs are good at adapting to their continually changing environment – and they don’t spend all of their time writing plans. It’s just better to do what needs to be done.

Don’t blow all of your money up front.

You might have what feels like a lot of capital the day you get the keys to your business, but it is really important to remember that it might take a while – think months – to get the business turning the kind of profit you will need to be in the black.

Don’t make a rookie mistake and try to change or renovate too much right out of the gate. Many first-time buyers walk into a functioning business and gut the place, spending a small fortune on aesthetics so the business can look the way they want it to right away. The most successful business owners wait to make changes until they are sure what (if anything) needs to be changed. Spend a few months learning why the business runs the way it does and why the previous owner did things the way they did. Use their experience to your advantage and save your capital for what really needs to be done – later.

Your customers are absolutely everything.

The most important rule in entrepreneurship is the customer comes first – always. Unless you are driving your clients around to appointments – it really doesn’t matter what kind of car you drive. If you bought a bar, then it doesn’t matter what the furniture in your office looks like. Only spend money on things customers see and touch, thereby investing all of your energy back into your business. The more you invest in your business, the more likely you are to get a return for your money and time.

This customer-first approach covers your goods and services too. If you have grandma’s meatball recipe on the menu, but customer feedback says they’re gross – then it doesn’t matter how much you like them. They have to go.

The message here is whatever your idealistic hopes are for owning your own business, a good dose of patience and the ability to pivot when things inevitably go sideways will serve you far better than your plans. Keep the needs of your customers at the top of your priorities and be smart with the ways that you invest in your new business venture.

Are you thinking about buying a business but have questions about what business ownership would be like? Would you like to know how much capital you would need to buy a business? Please leave us a comment or question and we would be happy to help.

Michael Monnot

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

The Realistic Must-Have List: Thoughts For Business Buyers

Published March 29, 2021

If you’ve ever watched one of the myriad of home renovation shows, you understand the importance of staying realistic with your must-have’s in a home when you are looking to buy. You can’t expect perfection when you are looking for a deal.

A similar truth rings true if you are looking at buying a business. Many new prospective business buyers come to the market with an eternally long list of what their ideal business must have before they buy. They literally want the perfect business. Guess what? The perfect business doesn’t exist.

We’ve seen some interesting perfection-seeking, must-have lists – like only wanting a business where the owner is retiring, the business is at least 20 years old, the landlord is willing to lower the rent and it must be able to run with an absentee owner – all for less than $50,000. Realistic? Definitely not.

The problem with this approach is the longer your must-have list, the less likely you are to find a business. You may end up in buyer purgatory forever, always searching for the “perfect” business.

Your first step towards successfully finding a business is letting go of the must-have’s and instead focusing on the goals you would like to achieve as a business owner. What are you looking for – a chance to be your own boss, more financial freedom, the opportunity to follow a passion? Ask yourself these questions first, then look for a business that will fit with your goals.

Your next step after defining your goals is to decide what issues you will be willing to deal with and which will be deal breakers once you find a business. All businesses are inherently complex and all businesses have issues of one kind or another – so be ready to make decisions on what’s do-able and what’s a deal-breaker.

Some examples of do-able issues might be a restaurant with falling numbers but an ineffective and disgruntled waitstaff that could easily be replaced, thereby turning customer service reviews around. Or perhaps a retail business that has zero online presence and no marketing plan to speak of that you could make profitable with some marketing savvy and a good website.

A deal-breaker issue, on the other hand, might be finding out during due diligence that you would be inheriting an $80,000 debt that the seller tried to conceal.

While searching for a business, remember that the past records of a business are just that, they’re the past, and the future of the business and what you could do with it are up for grabs. Just like in the home renovation shows, it’s not the house at the beginning of the renovation that counts, it’s the finished product that matters.

A creative buyer with some decent marketing know-how can turn around a less-than-ideal business in short order if they have a decent plan in place. By applying your personal strengths and experiences you can make many businesses fit with the goal you would like to achieve.

Just remember that there is no such thing as the perfect business, so keep an open mind and keep your must-have list short.

Are you looking at buying a business, but you can’t seem to find one that fits with your goals? Do you think your must-have list might be too long? Do you have questions about what issues are do-able and what issues are deal-breakers? Ask us! Leave a comment or question here, and we would be happy to help.

Michael Monnot

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

Buyer Discretion: Why You Need To Prevent Catastrophe

Published March 22, 2021

When new buyers enter the business market, there’s a common frustration – confidentiality.

You are about to spend a very large amount of money – so you will obviously want to know everything about the businesses you are considering, and you want to know it now.

The problem here? Business sales don’t quite work that way. There’s a need for discretion and confidentiality.

Why does everything have to be such a big secret?

Confidentiality has to stay in place in order to protect the business. If employees, vendors, clients or the competition find out a business is for sale, it can mean big problems for the bottom line. Employees quit, vendors cancel contracts, clients go elsewhere and the competition can move in for the kill.

Why should a buyer care about confidentiality?

One of the reasons buyers have an issue with confidentiality is it doesn’t seem like something benefits them – it only seems to be in place to protect a seller and the business itself. It’s not. Think of confidentiality this way, you don’t want the business you buy to be in complete turmoil the day you take over, so keeping a tight lid on the for-sale status will be key.

The best way to illustrate why confidentiality is such a massive deal is with an example of what can happen if confidentiality is breached.

A buyer is very interested in a listing for a small restaurant in a downtown location. The buyer gets in contact with the listing broker and signs the necessary non-disclosure agreement. The listing broker then reviews the “rules of the road” – the buyer may not speak to employees, share any financial information, or tell anyone that the business is for sale. The buyer agrees. Since he now knows the name and physical location of the business, he goes in for lunch and asks to speak with the manager. He asks the manager why she thinks the business is up for sale and then asks for a tour of the kitchen. The manager, a key employee, had no idea that the business was on the market. She immediately runs into the kitchen to ask the head chef if he knew anything about the business being up for sale, which, of course, he did not. In the panic this buyer has now caused, both the manager and the head chef quit to find more stable work. Now the business has lost it’s two most important employees and has been left in a seriously vulnerable position.

As you can see, the confidentiality of a business sale is extremely important. This buyer seriously damaged the seller’s business, and he didn’t have to do very much to cause all of this upheaval.

As a buyer, you will be expected to maintain confidentiality all the way up to the closing table. This is critical to the survival of the business and to the sale. The non-disclosure agreements you sign are there for a reason and are absolutely enforceable. If you disclose the business sale to an inappropriate party, you can face legal repercussions.

These rules are in place to protect the businesses you are trying to buy. Do your future business favor and keep confidentiality in place!

Are you a business buyer who has questions about confidentiality in the business market? Ask us! Leave a comment or question here, and we will be happy to address any questions you have.

Michael Monnot

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

Do I Have Enough Money To Buy A Business? The Answer Might Surprise You

Posted in Become a Business Owner, Business Broker Why & How, Buyers Articles

Published March 8, 2021

Do you have enough? When you’re considering buying your first business, this is probably the first question you will ask yourself. Why? There’s an unhelpful preconceived notion that you need millions and millions to buy a successful business. Guess what? You don’t.

Business prices can vary greatly, even within the same industry. If you are interested in buying a restaurant, for instance, you could get a small neighborhood sandwich shop for $50,000 – or you could shoot for a large waterfront steakhouse that could run you $500,000.

How are businesses priced?

Businesses are priced based on a few factors – namely how much money they earn (cash flow), the value of things like vehicles/equipment/furnishings and the value of the current inventory. There are other factors that also play into pricing, like how much comparable businesses have recently sold for, how many years the business has been open – the list goes on. When you first enter the business market it is a great idea to use the advice of an experienced and qualified business broker because they will be able to both explain how a particular business has been priced and also advise you on whether the business is potentially worth what the sellers are asking.

How do I actually buy a business?

In the business world cash is king. Most first-time buyers, however, are not coming to the market with large amounts of cash to spend. If you don’t have a ton of cash available then a very large manufacturing business that lists in the millions is probably not for you. There are, however, smaller businesses that can run under $30,000. What you end up spending will depend on what type and size of business would fit with your goals and also what you can afford.

What if I have almost no cash available, can’t I just get financing? Yes and no. Buying a business is nothing like buying a car. You can’t walk in with no money down and walk out with the keys. There are a few financing options available to business buyers, but it is important to understand from the start that you will need a fair down payment for any business with any financing option. No one is going to finance 100% of a business purchase.

There are a few traditional lending options – like bank loans – but for the most part you will have an incredibly hard time getting any bank to finance a small business purchase.

The Small Business Administration (SBA) has some funding available, but much like traditional lending these loans are often hard to get. A business must meet a rather stringent set of criteria and then the buyer themselves will also have to meet SBA’s buyer criteria.

The last and most common financing option is something called seller financing. In this scenario the seller finances a portion of the purchase price to be paid back by the buyer over time. If you are looking to this option then you as a buyer will have to bring some capital to the table in the form of a down payment. For a seller a large down payment shows good faith that a buyer is serious about getting to a closing table. For buyers, a seller who is willing to hold a note like this is a good sign. It means the seller has confidence in the future of the business.

No matter how you end up buying a business – be it cash or financing – the most important point is to have realistic expectations and seek some sound advice.

When you first talk to your business broker, be honest about the amount of capital you will actually be able to bring to the table. Dishonesty here will eventually come out as you will be asked to prove how much capital you have as a deal progresses. Also be honest with your broker about what you are looking to get out of buying a business – if you just want to be your own boss, if you want a flexible schedule or if you want to follow a passion you’ve always had. With the amount of money you have and the goals you have in mind an experienced broker should be able to find you businesses that will meet with both what you have and what you need.

Are you a first-time buyer who has more questions about how businesses are priced? Would you like to know how much of a down payment you would need? Please ask us! Leave a question here, and we would be happy to help.

Michael Monnot

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