Someone who wants to buy a business needs to consider many things, like what industry they want to be in and what they can realistically afford. What many prospective business buyers miss, however, is a more basic question.

What type of business owner do you want to be?

Why does this question matter? The answer fundamentally changes your approach to the business buying process, as well as narrows the focus of your search to just those businesses that meet with your ultimate goal. Let’s look at some of the basic categories of business owners:

Franchisee

If you are looking for a turn-key business where everything from operating procedures to marketing plans is already spelled out, a franchise is for you. Franchises do require that you follow the instruction of the franchise at large, so you will have less control over things like decor and products/services offered, but they do come with the added benefits of brand recognition, established business practices and an existing franchise will already be built out with a fully trained staff. Franchise businesses are good for someone who wants to be a business owner, but is willing to give up some of the decision making in return for having much of the planning work done by someone else.

Serial Entrepreneur

The serial entrepreneur is very similar to someone who likes to flip houses. You look for businesses that may not be in the best financial shape, but have potential for growth – and then build the business to a pre-determined level before selling and moving on to the next business opportunity. This type of entrepreneur is someone who gets bored or burned out quickly, but likes to work very hard and doesn’t mind a big challenge.

The Long-Term Family Business Owner

If you are looking to get into business ownership because you want to buy your dream business and potentially pass it on to your children, you would be a long-term business owner. You are looking for a business you will own until you retire or pass on the reins, so an established business that is already a fixture of the community might be right for you. This type of business buyer might also look for a business with potential for growth, but typically is looking for a less-risky investment.

Do any of these types of business owners resonate with you? Do you see how different the “right” business would be for each of these types of buyers? Have a conversation with a business broker about your goals for business ownership, and then the two of you can really narrow the field of potential businesses to those that would help you achieve those goals.

There are an infinite number of types of business buyers because everyone comes to entrepreneurship in order to fulfill their own unique goals. Establishing what type of business buyer you are will help immensely with narrowing your search focus to get your path to business ownership off to a great start.

Have you always wanted to buy a business but don’t know what type of business would be right for you? Does one of the types of business owners above sound like you and you want to know what businesses are currently available that would work for you? Ask us! Leave any questions or comments and we would be happy to help!

Michael Monnot

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

www.InfinityBusinessBrokers.com