Business Buyer? Why You Need The Entrepreneur Mindset

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

www.InfinityBusinessBrokers.com

 

 

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The Realistic Must-Have List: Thoughts For Business Buyers

 

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

www.InfinityBusinessBrokers.com

 

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Why You Have To Go With The Flow – The Importance Of Transaction Protections

 

If you are in the early stages of buying a business you will notice that the process of buying a business is unlike the process to buy anything else. You have to sign non-disclosure agreements. You have to provide financial statements. You have to disclose your full name and physical home address – all before you can even find out what the name of any business is. If it seems a little intrusive, you aren’t alone in feeling that way. Many first-time business buyers feel that way too. We get it, but your disclosure of a very small amount of information is about to give you access to potentially business-ending information. It’s more than a fair trade off.

 

What’s business ending about finding out the name of a business you might want to buy?

 

Existing businesses depend on the confidentiality of the business transaction process to protect themselves.

 

From what? Damaging misconceptions.

 

When the average person hears that a business is for sale, they automatically assume that said business is for sale because something is catastrophically wrong. Why would anyone sell a great business, right? Now imagine what the staff think. Am I about to be out of a job? Is the place I work going out of business? If we get a new owner will they fire everyone?

 

A business who has their for-sale status disclosed to the wrong people by a breach of confidentiality may face devastating consequences. The entire staff can quit en-masse. Regular clientele can find somewhere else to go. Vendors can cancel key contracts. Competitors can move in for the kill.

 

To protect businesses from these consequences everyone in a business transaction must agree to hold the for-sale status of the business secret for the duration of the business transaction. As a buyer, you will be required to sign non-disclosure agreements (NDAs) that say this, and carry with them legal repercussions if you breach confidentiality. A non-disclosure agreement gets tied to an individual by using that person’s legal name and physical address. There might be 10 guys named John Smith in your town, but there’s only one John Smith who lives at 123 Main Street.

 

After you sign the NDA, you will be given access to not only the name and location of the business – you will also be given access to information like proprietary business practices, tax returns, contracts, employee records and the like. A seller is trusting you with a huge amount of potentially damaging information (if it fell into the wrong hands), so divulging who you are and where you live is more than a fair trade off.

 

In some cases a seller or the commercial landlord will require financial statements as well. These are used to prove that you have the financial means to buy the business and you aren’t just kicking tires. Again, providing proof of financial means pales in comparison to the amount of information your cooperation with the process gives you access to.

 

It can be tempting to fight transaction protections by trying to alter NDAs or by refusing to provide financial disclosures. Don’t. NDAs are standard in this industry and can not be changed. Refusing to sign one or demanding changes before you do will result in business brokers and business sellers refusing to work with you. The same goes for those who want to be cagey about providing financial disclosures. Refusing to cooperate with the process means your business transaction is over. Period. The business transaction process exists to protect the businesses that are changing hands, and every step in that process is a tried and true way to keep everyone in the deal protected. 

 

You wouldn’t want a business you hope to buy destroyed by the careless buyer who came before you, or by a future buyer when you decide to sell – so everyone has to play along in order for the business transaction process to work as intended. Be prepared to cooperate, and the process will work for everyone – including you.

 

Are you looking at businesses and want to know more about the transaction process? Do you have questions about the NDA? 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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Do I Have Enough Money To Buy A Business? The Answer Might Surprise You

 

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

www.InfinityBusinessBrokers.com

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The Pre-Closing Panic: How Business Buyers And Sellers Can Avoid Disaster

A business changing hands is a big deal. One side is selling their blood, sweat and tears. The other is writing a very big check and stepping into the unknown. It can be scary. Really scary.

 

What happens more often than not is one or both sides start to panic as the closing date approaches – and when that happens tempers can flare and perfectly good deals can fall apart.

 

 

How do you avoid a pre-closing disaster? Know that it’s coming and mentally prepare.

 

 

Sellers:

If you are selling your business, it can be difficult to remain objective and unoffended when a buyer gets antsy and starts questioning everything about your business. We get that. Repeat questions, constant requests for renegotiation, attempts to lower the offer, demands for new issues that have already been dealt with and the like would make anyone angry – even angry enough to pull out of the deal.

 

What you should know going in is these things are probably going to happen. There are very few buyers who don’t get cold feet as the contract winds towards closing, and those cold feet can cause a buyer to do some pretty weird things. They are going to try to find a way to back out of the deal – not because they really want to, but because their nerves got the better of them.

 

Whatever your buyer is doing or demanding at the end, take a step back and think about where the panic behavior is coming from. Are they just freaking out? Have they really found an insurmountable issue with your business, or are they trying to give themselves a reason to back out because they’re scared? You don’t have to bend to their every demand, but you do need to have some patience and be ready for this inevitable last-minute buyer anxiety. 

 

Buyers:

If you are a buyer, know going in that you are probably going to be really nervous increasingly so as the date for writing that big check approaches.

 

You are absolutely entitled to all of the information you need before you sign on the dotted line and buy a business – that’s what the due diligence period is for. You need to utilize that time for due diligence to go through all of the information you request, ask good questions, discuss any issues you uncover with your business broker, your spouse, your transaction attorney, etc. and make an educated decision based on all of that information. Once you’ve made that decision – don’t second guess yourself.

 

Feeling anxious about a big decision is totally normal – letting that anxiety override an educated decision is far from productive. If you are days away from closing and are feeling like you’re making a mistake – go back and talk to the people you talked to during the due diligence process, like your business broker, your spouse and your transaction attorney. Go over your worries and work through why you are suddenly feeling like you don’t want to go through with the deal. It is nerves, or is it really an insurmountable problem? If you’ve made it all the way through due diligence without finding a deal-killing problem, it’s probably just nerves. Don’t talk yourself out of a great new opportunity.

 

The message? It’s the last minute panic that causes the issues. Big decisions might feel like they require a big leap of faith – but the reality is the decisions you’ve made during your business transaction have been made based on facts, no leap of faith was required. Trust your gut, be patient with the other side and remember that nerves can only cause issues if you let them. 

 

Do you have questions about how to deal with a panicking buyer? Would you like to know more about how due diligence works? 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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Problems? How Business Buyers Can Spot Issues

 

If you are looking at businesses to buy, then the first things you will encounter that will tell you about the business are the financial records – likely a P&L and/or tax returns.

 

While financial records can tell you a great deal about the stability and health of a business – there are some other less obvious ways to determine how a business is really doing.

 

 

Watch The Owner

Some owners mentally check out the moment they list their business, some mentally checked out long ago. Owners who are consistently late to meetings, consistently sluggish on answering questions or constantly procrastinating with requested information are probably that way in the day to day operations of their business. A business with an owner who habitually doesn’t stay on top of things probably isn’t in the best shape.

 

How does the owner treat you when you visit? If they are condescending or rude to a potential buyer – someone who may write them an enormous check in the near future, then they are probably even worse to their employees, vendors and customers.

 

 

Read Reviews

You might need to take these with a grain of salt, especially if it is a business with only a handful of reviews. The internet creates a veil of anonymity that some use to blast businesses for almost no slight at all. Some people just love to complain.

 

What reviews should you take seriously? If a business has 300 reviews and 80% are horrible, then there is definitely an issue. If there are only a few reviews that seem to be written by chronic complainers – but they all follow the same vein, like terrible customer service from wait staff, then that can give you a pretty good idea of what you’ll need to change the moment you get the keys.

 

 

Watch For A Mess

When you tour a business, you can find out very quickly if the current owner is someone who excels at attention to detail. A business that is filthy or has equipment in various stages of disrepair is probably lacking ownership attention in other non-physical areas of the business as well.

 

When you are in the market to buy a business, don’t just rely on the financial numbers when deciding whether to purchase or how much to offer. You can use other indicators, like owner behavior or the state of equipment, to determine if the business is right for the price and for the goals you are hoping to achieve.

 

If you are looking for a business that is more of a fixer-upper – then bad reviews, poor cleanliness and a disconnected owner might be good signs that you will be able to negotiate for a price that leaves you the capital you’ll need to turn it around. If you are looking for more of a turn-key business, then you’ll want to find the non-financial aspects of the business in good shape.

 

 

 

Do you have questions about other non-financial clues you should be watching for when considering businesses to buy? Do you have one that we didn’t mention that you’d like to share? Please leave your questions and 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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Why You Absolutely CAN Own Your Own Buisness

When we chat with people and they find out what we do, the conversation usually goes something like this,

 

I would love to own my own business, but…(insert excuse here)

 

Sure, there are a myriad of reasons why going it alone and owning your own business may seem like a foolhardy venture, but the truth is entrepreneurship can be the key to happiness.

 

Why? When you own your own business, you are the boss of your day to day life. The amount of money you make, what you do for work – these things are now up to you. Talk to any entrepreneur and they will tell you that this kind of control over your own destiny is absolutely worth it.

 

Let’s look at some of the big excuses we hear about why buying a business is impossible and show you that all it really takes to be your own boss is a little planning and a lot of drive.

 

“I don’t have the money.”

 

Sure, there are a lot of businesses out there that only a multi-millionaire could afford, but the truth is the small business market is full of businesses that many people could absolutely afford to buy. Smaller ventures can be bought outright for cash from your savings, while some medium sized businesses can be purchased with a decent down payment and a bit of seller financing. Think of the money you would need to buy a business this way – you aren’t just spending the money – you are investing it in a business that will give you a return on that investment with some hard work on your part. You already go to a job and work hard for someone else, why not do that for yourself?

 

“It’s too risky.”

 

Yes, all business ventures come with their fair share of risk, but so does the job you have now. You could walk into work tomorrow and get fired. If you own your own business, any mistakes you make, any risks you take that don’t pan out will make you a better and smarter entrepreneur in the long run. Think ahead to your retirement. Are you going to look back at your working life, where you gave your blood, sweat and tears to someone else’s business, and wish you had taken the chance to work for yourself?

 

“I don’t know how to run a business.”

 

You’re right, none of us did at the beginning – but you learn fast. Think back about every boss you’ve ever had. How many times have you said to yourself “My boss is an idiot, if I were in charge I would…”. See, you do know some of what it takes to own your own business! The rest you can learn along the way. Talk to other business owners, read books, take a class – the know-how is out there if you are willing to find it. It is also a good idea to buy a business in an industry where you’ve already worked. That practical experience will serve you well.

 

The message here is if you’ve always wanted to own your own business, there is no such thing as an obstacle (or excuse) that you can’t overcome with some hard work and perseverance. Take the entrepreneurial leap, and you can soon be well on your way to business ownership.

 

Are you thinking about buying a business, but you’re not sure you have enough funds? Are you curious about what would be available? Ask us! Please feel free to leave us a comment or question here, and we would be happy to help you on your journey to entrepreneurship.

 

 

 

Michael Monnot

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

www.InfinityBusinessBrokers.com

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Insights from the Insight Report: Why 2021 Is The Year For Buyers And Sellers

 

2020 is over and the BizBuySell 2020 Insight Report is out – so what does a look back at an unprecedented year mean for business buyers and sellers in 2021?

 

Pandemic-proof businesses ruled the year.

 

2020 was a rough year in the small business marketplace, with a drop of 22% in businesses sold. However, this was not as large of a drop as the market saw during the recession (28% in 2009). Also, businesses sold last year were selling for higher prices than many of the businesses that sold in 2019 (the median sale price for 2020 was up 12% over 2019) as pandemic resistant businesses dominated the market.

 

 

“These businesses that continued to perform well despite the pandemic created a golden opportunity for sellers. According to surveyed brokers, 54% of businesses that sold in 2020 were immune to the pandemic, with almost half (24%) thriving.”

 

The uncertainty created by the pandemic and the shut downs saw many owners pulling their businesses from the market, and those with pandemic-proof business models (think takeout food, delivery service, manufacturing, etc.) enjoying the boom to their bottom line. If you’ve got one of these businesses and were considering selling at some point down the line – now is the time. As vaccine rollouts bring “normal” back, sellers who were on the fence will likely start listing again – in big numbers. Buyers today have far less inventory and inventory with high valuations. Get in while it’s still a seller’s market.

 

What if your business isn’t in that pandemic-proof category? If your business has suffered, but you’ve managed to persevere – the smart move might be to get your business to a place where you can show growth again before you list. This won’t be the case for every scenario – so talk to with a broker about what the best move will be for you and your business.

 

What if you’re a buyer? Keep your eye on the prize. Sure, the essential businesses are expensive and hard to come by at the moment – but those businesses are potentially a great buy for the uncertain times ahead. There are also lots of opportunities for buying distressed businesses at a great price. Talk to an experienced broker about what the right path would be for you. A distressed business that can be reinvigorated by adding a delivery option or by the creation of a social media marketing plan could be a good investment if you don’t have the available capital for a pandemic resistant business at the moment.  

 

The message here is although 2020 was a rough year, there is not only a light at the end of the tunnel – the tunnel itself wasn’t as bad as it could have been. Smart business owners have adapted and persevered – and now have the opportunity to get a great return in 2021. If the last year has you reconsidering your life – and you’ve always wanted to own your own business – 2021 could be your year as well. Talk to a qualified business broker about your business ownership goals today!

 

Do you have more questions about what last year’s numbers mean for you and your business ownership goals? Would you like to know what pandemic resistant businesses are currently for sale? 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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The Long Wait – When Sellers Drag Their Feet

As business brokers this has to be one of the most frustrating aspects of the job.

 

You have a motivated buyer who is very interested in a particular business and a decent offer is on the table. You request that the seller send over the information required for due diligence, like financial records, tax returns, etc.

 

Then you wait. And you wait.

 

 

Then the seller sends over partial records, which you forward to your buyers, but the rest of the information your buyers requested has yet to be produced. So you wait.

 

You get constant calls and emails from your buyers, and all you can tell them is you haven’t received the information from the seller so your hands are tied. The inevitable conclusion of this situation is the deal will fall apart and the buyer will move on.

 

Why does this happen?

 

Some sellers go on the market with the initial intention of selling, but once they are in the process, they realize

  1. that it can require a lot of work on their part to produce information and be available for questions/meetings, and
  2. they are shortly going to be out of a job

 

This can cause some sellers to develop a decent case of cold feet. It can also cause a seller to be defensive, as constant requests for more financial information can give the impression that the buyer is trying to dig up dirt on the business.

 

This, of course, is not the case. Buying a business is a huge decision, and most buyers are going to want a thorough look at any business before they pull the trigger.

 

What if the problem isn’t the seller? Could the problem be the broker?

 

If your broker is really good about answering your questions, is prompt with returning phone calls and emails and has been forthcoming about the issues they may be having with the other sidethen their hands are probably are tied. If it takes your broker ten days to return your phone calls, then yes, the problem is likely the broker.

 

As with everything in a business transaction, a good dose of patience will go a long way. This does not mean, however, that you have to sit around and wait for a seller to deliver information they have no intention of ever giving you. Talk to your broker if you have concerns about time frame issues, and understand that sometimes there really isn’t anything a broker can do to speed up the process.

 

Are you a buyer who is having a hard time getting information out of sellers? Do you have questions about whether the issue may be with your current broker and not with the seller? Please feel free to leave us a comment or question here, and we will be happy to assist you.

 

 

 

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 There’s No Such Thing As The Perfect Time To Buy A Business

 

2020 was a strange year. A pandemic, a contentious election, protests and the like. If you were contemplating the leap to business ownership, are recent events causing you reconsider your jump?

 

Should you wait until things settle down to buy a business?

 

Nope. Here’s why.

 

There is no such thing as the perfect time to buy a business.

 

Sure, small business ownership can be impacted by changes in the overall economy and many small businesses struggled or didn’t survive the shut downs brought about by the pandemic. Here’s what’s also true. Some businesses have been weathering the storm well. Some have thrived. Why?

 

You can’t let what’s happening in the news dictate your entrepreneurial success.

 

The news has always been scary, but this last year it was on a whole new level. If you watch any news at all it might look like the whole world is on fire and every small business tanked. It isn’t, and they didn’t either.

 

In reality there are always going to be issues when you own a small business. Things that are completely out of your control. The wider economy. Global health crisis. Weather events. Political strife. Here’s what separates successful entrepreneurs from the pack. They don’t let the outside world determine their destiny.

 

They are willing to rethink every aspect of their business when things change. They aren’t afraid to do things differently when necessary. They pivot quickly and creatively when the needs of their customer base change. When something they’ve tried doesn’t work, they dust themselves off and move on. They focus on growth, always.

 

What successful entrepreneurs don’t do is wallow in news-driven fear. They take the information they gain from what’s happening around them and use that information to move their business in the right direction.

 

The message here is if you’re waiting for the perfect time to buy a business – don’t.  It will absolutely keep you from your entrepreneurial dreams forever.

 

A few examples?

 

If you’re waiting for the economy to return to full strength, remember that in a booming economy businesses are far more expensive than they are when it’s not. If you wait, you might price yourself out of the game. If you’re waiting for the pandemic to be over, remember that it might take a really long time for life to return to some semblance of normal – and many things are likely permanently changed. The business owners who will do well in our post-pandemic world will be the ones who were creative enough to survive today. Waiting means you will be missing out on that boots-on-the-ground practical knowledge that will help you be successful down the line. Be a part of that tough bunch now instead of having to compete with them later. If you are waiting for political changes, remember that people have been building successful businesses throughout history – and it never really mattered who was in charge. You are responsible for what happens in your business, not a politician on the other side of the country.

 

Don’t wait. Fulfill your dreams of business ownership now.

 

Were you considering buying a business but aren’t so sure anymore? Do you have questions about what types of businesses are doing well right now? Would you like to know more about what types of businesses would meet your business ownership goals? Ask us! 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

www.InfinityBusinessBrokers.com

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Michael Monnot

941.518.7138
Mike@InfinityBusinessBrokers.com

5111-E Ocean Blvd
Siesta Key, FL 34242




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