Why It’s Not Worth It To “Win”

Posted in Buyers Articles, Sellers Articles

Published October 18, 2021

Business deals don’t just have a lot of moving parts, they have a lot of people. People with a lot to lose and people with a lot to gain. People who do this kind of thing for a living and are therefore unbothered by potential issues and people who’ve never bought or sold a business who think every small issue is a disaster. People who have to write very big checks and the people who are counting on those checks.

 

In any situation where you combine a lot of people and relatively high monetary stakes – drama is inevitable. There has probably never been a business transaction where everything was smooth and no one got upset.

 

 

Here’s why we bring this up. People who are going to buy a business and people who already own one are a tough bunch. You could call it type-A personality. You have to be strong, resilient, willing to make decisions and willing to take risks to be a successful entrepreneur. This personality, however, can be a bit of an issue when a business is changing hands.

 

Why? No ONE person can “win” in a business transaction.

 

The contract used for the sale of a business will end up being a very carefully crafted and heavily negotiated document. Heavily negotiated because businesses are inherently complex, and as such there are a lot of things to discuss and then decide on. How much is the buyer going to pay? Will there be financing of some sort? How will the lease be transferred? How will the licenses be transferred? What are the time frame and responsibilities for both parties during the training period? How long will the seller let the buyer have for due diligence? This list goes on and on.

 

The reality that essentially everything needs to not only be discussed but agreed upon as well means that neither side is going to get everything they want, exactly as they want it. Everyone, EVERYONE in the deal is going to have to make a few compromises if they want to get a deal done.

 

What this means for you if you’re a buyer or a seller is you can’t die on your sword every time something isn’t going your way. You can’t be petty about small things because you’re frustrated about something that has happened in the weeks or months that it takes to put a deal together. It means you can’t be petulant and difficult just because you feel like it.

 

At this point you’re probably saying “I’d never do that” – right? You might.

 

When a business changes hands, so does a lot of money. It’s a business that is someone’s blood, sweat and tears – and is getting handed to a complete stranger. The entire process can be long and incredibly stressful. It will be very hard for both sides of the table to always remain objective and not feel personally challenged during many parts of the process. You have to go into this knowing that your buttons will be pushed, your stress might get the better of you and your feelings might get hurt.

 

When that inevitably happens, don’t do this. Don’t make everyone change the time and place for a meeting last minute just because you want to be difficult on purpose. Don’t drag your feet with documentation that the other side has requested just because you think their questions are annoying. Although mildly entertaining for you in the moment, petty nonsense like this only wastes your own time and puts your own deal in jeopardy.

 

Power plays to “win” will do nothing but aggravate everyone in the deal – a deal that’s hard enough already and doesn’t need the additional drama. Go into your deal knowing that this process will be challenging, but worth it if you can remain patient.

 

Have you been in a business transaction where emotions got the better of someone and have an experience to share? Would you like to know more about the challenging parts of a business transaction? Leave any questions or comments, we would be happy to help.

 

 

 

Michael Monnot

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

www.InfinityBusinessBrokers.com

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When Is The Perfect Time To Buy A Business?

Posted in Become a Business Owner, Buyers Articles

Published October 11, 2021

When will the time be right for you to take the entrepreneurial plunge and buy a business?

 

This is obviously a very big question. It’s also a bad question.

 

This question is based on the notion that there is such a thing as perfection in life. There isn’t. There will never be a perfect business. There will never be a perfect time. Perfection implies an absence of risk – and like many things in life that are worth doing becoming a business owner comes with a healthy dose of risk. You might not succeed.

 

 

Guess what? You might not fail either.

 

Entrepreneurs buy businesses every day. Most of them work hard and achieve the goals they have for business ownership. You could too.

 

That first step – deciding now is as good a time as any – can seem like an impossible step if you cling to the idea that the perfect time will eventually come. It won’t. Instead, you have to decide that the goals you have for your life – to be your own boss, to follow your passions, to make a better life for yourself and your family – those things are worth taking a bit of a risk.

 

So how do you start? Maybe you’ve had an idea of the type of business you’d like to own for a long time, maybe you aren’t sure what kind of business would work for you. Either way the first step is to have a conversation with an experienced and qualified business broker.

 

That first conversation should be about a couple of very important things. What are your goals for business ownership? How many hours do you want to work per day or week? Where do you want your business to be located? How much money do you need your business to make? Do you have a passion for a particular industry? In what areas/industries do you have practical experience that you could draw on as a business owner? How much capital do you have to invest in your new business venture? Would you need financing and what types of financing would you be comfortable with?

 

The answers to these questions can help a good broker find businesses for you to consider. These questions can also help you figure out what you really want to get out of owning your own business. Knowing what your goals are will be instrumental in making an educated and thoroughly researched decision about which business you buy.

 

It can be scary to walk away from a steady paycheck that you get from someone else, but if you aren’t happy working for that someone else don’t wait for a perfect time that’s never going to come. Take a well-considered yet imperfect jump instead.

 

Have you always wanted to own your own business but were waiting for the perfect time? Do you have questions about what types of businesses would fit your goals? 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

www.InfinityBusinessBrokers.com

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Why Feedback Matters: Helping Your Business Broker Help You

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

Published October 4, 2021

 

Are you just beginning your business search? Your first step should be talking to an experienced and qualified business broker about what you are hoping to get out of business ownership.

 

What do you want your life to look like? How much money would you like to spend and how much do you need your new business to earn? Where do you want your business to be located? A good broker will take your answers to these first and basic questions and put together a list of listings for you to consider.

 

Here’s an important point in the process that some buyers miss:

 

Once you have those initial listings take a good, hard look at them and then decide not only if you like or dislike a business – but WHY.

 

Was it the location? The net/gross earning? The number of employees? By giving very specific feedback your broker can fine-tune the search, giving you better choices as the search process progresses. If you are vague with your feedback or give none at all, you will more than likely just continue getting businesses you don’t like – a counterproductive waste of time.

 

A good business broker can point you in the right direction and help you find the right listings, but they can only be effective in that capacity if you give them feedback. Lots of feedback.

 

Why can’t I just look at everything? Why do I have to keep giving feedback?

 

Giving very specific feedback on why you did or didn’t like a business will make your business search more efficient – weeding out listings that you wouldn’t have liked well before you have to take a deep dive. It also helps show your business broker that you are a serious buyer who is willing to put in the work required to get a deal done. No one wants to work with someone that isn’t going to participate – and buying a business is a complicated process best traversed by someone who is willing to do what’s needed to see it through.

 

Another note here. Negative feedback about why you disliked or hated something about a business is important, as you don’t want to end up with a business that will make you unhappy – but feedback about why you liked something is also pivotal to success. Did you really like that a particular business had X number of employees or did you love the type of area where a business was located? Don’t just give your broker the negative feedback. Telling them what you liked about businesses will be just as important as what you didn’t.

 

Are you beginning your business search and want to know more about how feedback can help streamline the listings you see? Would you like to know what businesses are currently available that would meet your goals for business ownership? Ask us! Please feel free to 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

www.InfinityBusinessBrokers.com

 

 

 

 

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Buying A Business? Don’t Sign A Million NDAs (Do This Instead)

Posted in Become a Business Owner, Buyers Articles

Published September 27, 2021

If you’re excited about buying a business it might be tempting to spend your days scouring the internet for business listings and then requesting information on everything that even slightly matches what you’re looking for.

 

 

Don’t do that. Here’s why:

 

Businesses are bought and sold under a veil of confidentiality. That confidentiality exists to protect the business while it is being sold (you can read more about why here). What this means for you as a buyer is you can’t just look up a listing and immediately get all of the information on a business for sale. There’s a layer of legal protection that you need to get past before you can gain access to the information you need. That layer involves signing a non-disclosure agreement (NDA).

 

Signing the NDA means you can’t disclose the name of a business, the location of a business, any proprietary information you will now have access to – even the for-sale status of a business. You will have to sign a NDA for each business listing individually. If the business brokers involved are doing their job, you shouldn’t be able to sign the NDA until you’ve had a conversation about why this business fits with your goals for business ownership and if you actually have the funds necessary to make a sale happen. The importance of keeping the for-sale status of a business under wraps means a broker should only be allowing NDAs to be signed by potential buyers who could actually be buyers – not hundreds of random tire-kickers.

 

The necessity of confidentiality might initially seem frustrating as a buyer, but it’s not just the business itself this process helps. As a buyer, you don’t need to be wasting your time signing dozens and dozens of NDAs for businesses that would never have suited you in the first place. It’s a colossal waste of your own time and energy.

 

Here’s what you should do instead. Call a few business brokers. Have conversations with them about what you hope to get out of business ownership. Talk to them honestly about the amount of funds you have available for your new venture. See if you think you and a broker would work well together.

 

This initial conversation will help a good broker find listings that will actually check all of your boxes. Then you can efficiently sign NDAs for businesses that may work for you.

 

A very important note here. Once you have a broker you like – don’t go and sign NDAs on any listings without them. Once you’ve signed another broker’s NDA your broker can’t help you anymore. NDAs are tied to specific businesses, and are therefore tied to the listing and the listing broker. Your broker can request the NDA on your behalf for a listing that isn’t theirs and still maintain the buyer-broker relationship with you. If you go around your broker and sign a NDA they didn’t request they legally and ethically can’t even give you advice. The relationship has now shifted to whatever broker has the listing – a broker you don’t know and who doesn’t know you. 

 

The message here is although the process of searching for businesses has a few more steps than other big purchases like a house or car – those steps exist to make the process more efficient for everyone – including you. Find yourself a good broker, maintain that relationship by only having your broker request NDAs and be patient with the process.

 

Are you shopping for businesses and weren’t aware that signing NDAs tied you to listing brokers? Do you have questions about what businesses currently for sale you meet your goals for business ownership? Ask us! Leave any questions or comments and we would be happy to help you on your business search.

 

 

 

Michael Monnot

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

www.InfinityBusinessBrokers.com

 

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3 Important Points Every Business Buyer Should Know

Posted in Become a Business Owner, Buyers Articles

Published September 20, 2021

Businesses are inherently complicated. You are dealing with staff, vendors, clientele, a location or locations, possibly vehicles, inventory, computer systems and software, operating procedures, leases, licensing requirements, permitting requirements, inspections, certifications – the list goes on.

 

If you are considering becoming a business owner and entering the world of entrepreneurship by buying an existing business, then the complicated nature of businesses not only includes the business itself but also the process to buy it.

 

If this is your first time in the business for sale market, then there are a few things about the process you must understand in order to be successful.

 

 

This Will Be Nothing Like Buying A House

This one is the biggest misconception. It will cause major problems between you as a buyer and the sellers and business brokers involved if you don’t immediately banish this thought from your mind. You don’t search “businesses for sale” on the internet, see pictures and collect addresses, then drive around with a business broker for tours. That is what you would do if you were buying a house. Businesses for sale keep that fact completely confidential, and as such you can’t call up a business broker and ask him to “show you some businesses”. In the business sale process, there are many more steps. You will first be required to sign non-disclosure agreements, then you will likely have conference calls and/or meetings with the sellers and brokers off-premises long before you get a “tour” of the business. The non-disclosure agreements also mean that you will not be able to tell anyone outside of the transaction what business you are considering buying until after you get to the closing table.

 

Most “Buyers” Don’t Buy Anything

If you are really serious about buying a business, then you will need to be prepared for the reality that those who are already in the business market – think sellers and brokers – are unlikely to give you the time of day. Sure, you are poised to write a very big check to someone for their business, but the fact is only about 10% of buyers who initially look at businesses actually end up buying one – so the other players in the game will initially have a hard time taking you seriously. What’s important here is not to be offended. If you worked in an industry where only one in ten people who vied for your attention actually followed through, you would be a bit picky about who you chose to spend your time on too. You can pull away from the tire-kicking pack by staying motivated, being honest and upfront about the finances you are intending to invest in a business (particularly with your own business broker) and by making good offers on the businesses you like.

 

Patience, Patience, Patience

We have all become very accustomed to instant communication and instant gratification in our technological world, but the complexity of businesses means you can’t get or do everything you want immediately. You can’t show up on a Thursday and expect your broker to be able to line up three or four businesses for you to “see” on Friday. When you request information from sellers, you need to be aware that in addition to dealing with you they are also trying to run a business, so it may take them a few days to get things back to you. You are (one would hope) not your broker’s only client, so if they don’t answer the phone or immediately return your call it doesn’t mean that they are blowing you off. When you send financial records off to a CPA or contracts off to an attorney to be reviewed, you will have to give it some time to get those documents back. If you are dealing with licensing and permitting issues, you need to be aware that government agencies are not known for their speed. Just be patient with the process and everything should fall into place.

 

If you really want to buy a business know that with a good dose of patience, good offers and the understanding from the start that this process can be pretty complex, you have a great chance of finding the right business for you.

 

Are you a buyer who’s had trouble getting anyone to take you seriously? Do you feel like the process couldn’t be any slower? Do you have more questions about confidentiality or any other part of the process? Ask us! Please feel free to leave your comments or questions 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

www.InfinityBusinessBrokers.com

 

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Why All The Secrecy? Understanding The Confidential Nature Of Business Transactions

Posted in Become a Business Owner, Buyers Articles

Published September 13, 2021

 

If it’s your first time navigating the business-for-sale marketplace you may have noticed something that sets it apart from almost every other situation where something is for sale. Everything is a carefully guarded secret.

 

Business listings are vague and don’t disclose the name or location of the business.

 

Listings are very basic and don’t give you much in the way of details about a specific business. 

 

When you call on a business, the broker will continue with the vague information unless you are willing to give up some information about yourself (like your name and permanent address) and sign a nondisclosure agreement (NDA).

 

What gives? How am I supposed to find a business if no one will tell me which businesses are actually for sale?

 

An existing business can’t be sold like most other things because an existing business exists in a world of powerful misconceptions. Those misconceptions are that a business for sale is a business on the brink of failure. When the average person sees a for-sale sign on a business door, they automatically assume that the business is in dire straits. Why would anyone sell a successful business, right? 

 

Well, there are a lot of reasons. Maybe the current owner is ready to retire or has their heart set on a new life adventure that will mean they can no longer run the business. Perhaps the current owner started or bought this business with a specific set of goals, and now that those goals have been achieved it’s time to move on to another project. Sometimes owners have something occur in their personal lives that will make it difficult to maintain the responsibilities of ownership and so they’d like to leave the business in good shape and go attend to what they need to. 

 

It’s actually relatively rare for a faltering, disaster of a business to be sold. In situations that dire most choose to lock the doors, cut their losses and walk away.

 

What does that mean for business buyers? Most businesses for sale are great business opportunities. 

 

To remain great opportunities, those businesses need to be protected. Those powerful misconceptions about a business for sale can cause massive problems for an existing business if they simply stick a for-sale sign on the door. The entire staff can panic and quit. Vendors can cancel contracts. Current and prospective customers can choose to do their business elsewhere.  

 

A business is protected throughout the sale process by keeping the for-sale status confidential. The only people who can know the business is for sale are the seller, the brokers involved, prospective buyers and their experts (think attorneys and CPAs) who have signed the appropriate nondisclosure agreement.

 

What does this means for you as a buyer? You will have to use vague business listings to do a cursory search. When a listing seems to fit with what you’re looking for you will have to give out a tiny bit of information about yourself (that helps to identify you as an individual) before you can be given potentially damaging information about a business on the market – namely it’s status as a business for sale. 

 

Here’s what you can’t do. You can’t change the industry standard NDA to suit your liking. You can’t disclose what businesses you’re looking at to your neighbor or the guy in line with you at the coffee shop. You have to play by the rules that everyone does so businesses can stay in good shape while they are being sold. 

 

Are you considering buying a business and want to know more about the confidentiality of the process? Do you have questions about what signing the NDA means for you? 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

www.InfinityBusinessBrokers.com

 

No Comments »



4 Considerations: Buying A Business With A Partner

Posted in Become a Business Owner, Buyers Articles

Published September 6, 2021

 

Owning and operating a small business can be a much easier undertaking if you share the workload and responsibility with a business partner – but that lightening of the load can quickly devolve into a nightmare if you pick the wrong person.

 

How can you know if you’re making the right choice?

 

Here’s 4 things to consider:

 

You’ve known the person long enough for the honeymoon period to have worn off.

If you’ve just met someone who you think would be absolutely perfect to own a business with – tap the brakes. A business partnership is just like any long term relationship – the first bit is all happiness and roses, then after a time real life marches in and true personalities (and flaws) surface. You wouldn’t marry someone after only a handful of meetings, so don’t jump into a business partnership with someone you barely know. If the two of you really think business partnership would be possible in the future, embark on a much smaller project together and let some time pass. If small projects are a success and you are still good to go after a year or so, then perhaps you’ve found the right business partner for you.

 

You both bring different things to the table.

Two disorganized creative people are not going to be able to run a successful retail store, but one disorganized creative person can bring life to a retail concept while their organized and number-crunching business partner keeps everything on track. Really think about what your strengths and weaknesses are, then find someone who complements those strengths and weaknesses.

 

You don’t disagree about massive life things.

Just like the marriage of a deeply religious person and an outspoken atheist probably won’t last – you and your business partner need to share some core values if you’re going to be able to coexist in the same space for years on end. This is another reason why you need to spend some decent time together before you sign on any dotted lines. You might find out you have irreconcilable differences of opinion that will hinder any chance of a good partnership.

 

You’re both willing to enter a strong operating agreement.

Much like a prenup in a marriage, an operating agreement from day one will eliminate any contentious arguments down the road about who is responsible for what, who owns what percentage, what the exit strategy will be, and what your rights are as a partner. If the person you are considering for business partnership either won’t sign an agreement or won’t agree to what you want – they probably won’t be a good partner.

 

A great business partner can be a blessing, making your life easier by helping with the workload and by complementing what you bring to the table. The alternate possibility, however, is choosing someone who makes your life a living hell. Do some homework and let some time pass. Be just as diligent about choosing a business partner as you would be about choosing a business.

 

Are you considering buying a business with a partner? Would you like to know more about putting together a strong operating agreement? 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

www.InfinityBusinessBrokers.com

No Comments »



Ready To Take The Plunge? Buying An Existing Business

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

Published August 30, 2021

Have you always wanted to own your own business but aren’t sure how to take the plunge?

 

 

 

One path to entrepreneurship that many choose is to buy an existing business. This can be a good option for a number of reasons.

 

First and foremost, the business has already been set up for you, and the business model has been proven because the business is currently up and running. The location is equipped and a customer base has been established too.

 

What do you need to do to get started if this is the path for you?

 

The first step is deciding on a type of business to buy. More often than not, a budding entrepreneur will start the process by seeing what businesses are available. This is a mistake because it can cause you to fall in love with a business that wouldn’t meet the goals you have for business ownership.

 

When entering a new business venture, you should choose something where you have at least a bit of background or experience. The learning curve for a new business owner is a steep one, and that’s without having to learn an entirely new industry as well. Give yourself a great head start by deciding on an industry before you search, and be sure to pick an industry you know.

 

The second step is to begin your search. Now is a great time to employ the services of a business broker, as they will have access to more business listings than you will be able to find on your own, they will know about businesses that are not yet on the market, and they will be able to market you as a buyer to other business brokers and their sellers.

 

Talk to your broker about the goals you have as a business owner – like how many hours a week you want to work, what type of return you are looking for with your investment, where your experience will suit you best and how much capital you have to invest. Identifying your goals, experience and available capital are critical to finding you a business where you can be successful. If the broker you are working with hasn’t had this conversation with you, perhaps it is time to find someone else to work with.

 

Once you have your goals ironed out and know what industries would set you up for success, you can do a cursory search for businesses by visiting our Business Search page.

 

Once you find a business that fits your goals, you will likely decide to make an offer. This step is then followed by a period called due diligence where you will get a chance to review things like finances and contracts in depth. After this review you will decide if you would like to proceed with the sale or not.

 

Are you ready to take the entrepreneurial plunge? Do you have questions about the search process or are you unhappy with the help you are getting from your current broker? Leave us a comment or question; we look forward to assisting you with your business search!

 

 

 

Michael Monnot

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

www.InfinityBusinessBrokers.com

 

 

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It’s A Process: Why Business Buyers Need To Be Tough

Posted in Become a Business Owner, Buyers Articles

Published August 23, 2021

It probably shouldn’t be a surprise that buying a business can be a bit of a process.

 

You have to sign non-disclosure agreements, go through documentation, have meetings and conference calls, deal with bureaucratic red tape for licensing and permitting, negotiate with sellers and landlords – all while making the massive decision of whether or not this business is for you.

 

The process might seem difficult, but it’s not impossible. Businesses are inherently complex, and business transactions involve a lot of moving parts and people.

 

What happens far more often than it should is a buyer gets fully immersed in the process, decides it’s too aggravating and throws in the towel – leaving a perfectly good business ownership opportunity behind.

 

If you are considering business ownership, you should consider this – if you can’t handle the stress and rigors of buying a business, you probably can’t handle the stress and rigors of owning one either.

 

 

Entrepreneurship is just as tough as the business buying process, and it’s not for everyone. If you are considering the leap into business ownership you need to take a moment and decide if it’s the right move for you. Owning your own business is incredibly rewarding, but those rewards come with a lot of work. If you are ready, willing and able to do that work then you can easily survive the business buying process by having one major thing – patience.

 

Here’s why. It will take some time for you and your broker to decide what types of businesses and what industry sectors will best suit your goals for business ownership and your practical experience. Once you know what you’re looking for you and your broker will have to search for businesses that will fit your budget too. Once you’ve found a few promising candidates, you will need to sign non-disclosure agreements and then wait for the seller and seller’s broker to get you some cursory information on the business. If you like what you see, you can make an offer on a business – but then you will have to wait for the seller to either counter your offer or accept it. If the offer is countered, it will probably take some time to arrive a price both sides can agree on. An accepted offer means due diligence can start, but only when the seller has provided all of the requested documentation. Getting all of the requested documentation also takes time, as a seller is not only trying to round up all of the paperwork you’ve requested, they’re also trying to run their business too. After due diligence, the final purchase contract will take some time to put together and a new commercial lease will need to be worked out with the landlord. You will also need to deal with obtaining or transferring all of the licenses and permits the business needs.

 

See a trend? Everything takes time, and as such everything takes patience. The goal is business ownership, and a tough entrepreneur will be able to make it through.

 

Are you looking for businesses to buy but feel like the process might be too overwhelming? Would you like to know more about what it takes to buy a business and what kinds of help are available to you? Please feel free to leave any questions or comments, we would be happy to help!

 

 

 

Michael Monnot

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

www.InfinityBusinessBrokers.com

No Comments »



Buying? Why Flexibility And Patience Are Your Best Bet

Posted in Become a Business Owner, Buyers Articles

Published August 16, 2021

Most business owners and people considering business ownership have a particular type of personality. You could call it type-A, but it’s a bit more nuanced than that. Entrepreneurs are a tough bunch, used to taking risks and working hard to turn those risks into rewards. They’re comfortable with the idea that the buck stops with them and if they fail they only have themselves to blame. 

 

This grit-based type of personality serves a business owner well. It gets you out of bed in the morning, it drives you to succeed. It’s a good thing – most of the time.

 

Here’s where having this type of personality can hang you up. The process required to buy a business. 

 

 

The business transaction process can be a bit arduous. While an entrepreneur will probably have no trouble with the list of things that need to be accomplished – it can be extremely tough to navigate the difficulties that arise during the purchase of a business because no ONE person can be in control. That’s right. You can’t control the process. 

 

This can cause entrepreneurs to balk at basically any part of the business transaction. From refusing to sign an industry-standard NDA because you didn’t write it, refusing to share your address in order to access proprietary information about a business you are considering, demanding an in-person walk through of a business location before you’ve ever asked a single question of the seller – the list goes on and on. 

 

Look, we get it. When you’re used to being the one in command it can be deeply difficult to relent to someone else’s rules. Here’s what you have to remember. The business transaction process exists and proceeds the way it does for a reason. It works to protect businesses for sale while they are being sold. If it was your business on the market – you would absolutely demand that everyone play by the rules so your business wouldn’t falter. 

 

If you are considering buying a business, you are going to have to let go of the notion that you will be in control. You have to sign NDAs. You have to provide your personal information in order to receive proprietary information about a business. You have to be patient with the seller when they are collecting the documentation you requested. You have to wait for people to call you or email you back. You can’t demand that everyone involved do what you want, when you want it – and then get upset when it doesn’t happen.

 

We aren’t saying that you should relent to everything. Buying a business is a huge decision and you should have timely access to all of the information you need to make an educated decision. What we are saying is you need to be flexible and patient in a way you may not be used to. 

 

Are you thinking about buying a business and want to know more about what the process looks like? Would you like to know more about the timeline of a business transaction? 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

www.InfinityBusinessBrokers.com

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Michael Monnot

941.518.7138
Mike@InfinityBusinessBrokers.com

9040 Town Center Parkway
Lakewood Ranch, FL 34202



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