As business brokers, we get these folks once in a while. They have been scouring the internet for years, looking for the perfect business opportunity and never taking the search past emailing the broker on the listing.

If you feel like you are a serious business buyer, but that description sounds like you – you may not be as serious as you think.

First and foremost, there is no such thing as the perfect business. It is often said that you only find what you are looking for, so if you look for reasons not to buy a business by demanding perfection, then you will never own a business. Instead, you need to adopt the mindset of a serious business buyer – that there is a great business out there if you are motivated to find it and realistic about what you are looking for.

How do you get serious about buying a business? If you are realistic and motivated, you can find any number of businesses that could work for you.

First, you need to know that a listing is just the tip of the iceberg, and as such you can’t really make major determinations about a business from this scant bit of information alone. Business listings are meant to help in the search process, so whenever you find a listing that interests you, call your business broker or (if you don’t have your own broker – which you will need, see “Business Broker 101: A Business Buyer’s Guide to Working With a Broker, Part 1: Why Do I Need a Business Broker?“) get in touch with the broker who has the listing. We don’t mean that you should just send an email, get someone on the phone and have a discussion about the business that is listed and see whether or not it may be a good fit for you.

At this point if you would like more information about the business you will have to sign a non-disclosure agreement. This agreement protects the seller of the business from those who would use the confidential material released to them in an improper way. If you are a prospective buyer, you need to be prepared to sign these types of agreements. These agreements are in no way binding you to the business, they are just a way for you to see more.

If you like what you see after this point, make an offer. By making an offer, you let the seller know that you are a serious buyer who is motivated to buy a business. Once you have an accepted offer, the transaction will then move to the due diligence process. Making an offer in no way forces you to buy the business, it just allows you to take a look at the financial records more closely. At the end of due diligence you will be able to make a decision of whether or not to go through with the purchase of the business.

The moral of the story is to change your approach if you are buyer who really wants to own a business but has never made it past a listing search. By having a realistic outlook and staying motivated throughout the process, you will be well on your way to business ownership.

Are you a business buyer who has spent countless hours searching the internet for a business, but haven’t found one you like? Do you have questions about how you could change your approach to have more success in the business market? Ask us! Leave us a comment or question here, and we will be happy to help you get started in business ownership.

Michael Monnot

941.518.7138
Mike@InfinityBusinessBrokers.com