Wanna Buy A Business?

Wanna Buy A Business-Chispa MagazineIf you’re thinking about starting a business, you’ll find countless articles online telling you how easy it is. Oh, all you need is an idea, a touch of marketing a whiff of imagination and poof, you are now a business owner. It sounds suspiciously like an incantation from a rather famous cartoon when you put it that way, doesn’t it? That’s because it’s not as simple as many people believe. The people writing these articles haven’t set up a business, they’re just telling you how to.

One of the biggest lies about setting up a business is that you can do it from nothing. Okay, perhaps you can. But the odds of you gaining success this way are slim to say the least. Essentially, it’s more like a lottery even if you do have a clear cut plan. That’s why most people who are starting a business already have the money they need. But, we have a question for those people. Why start a company when you can buy one that’s already a success? The more you think about it, the more it makes sense.

First, the demand is already there so you won’t have to make time getting your company noticed. At the very least you should have a strong base of loyal customers. If it doesn’t have that you shouldn’t be thinking about buying it in the first place.

You’ll also avoid the hassle of setting up and you can jump right into the fray. Sure, there are new challenges but they can be overcome. So, let’s look at what you need to buy a business.

Find A Business
Well, it’s obvious the first thing you will need to do is find a business that you want. To do this, we recommend using business brokers. They’ll match your preferences to the right company currently on sale. They will also advise on what price you should pay and how to proceed.

Know What You Want
What do you want from a business you buy? There are two possible ways to proceed. You could buy a business at a low price. The reason it’s being sold at a low price is because the seller knows it isn’t profitable. They have no choice and they’re looking for a fast sale. Before you immediately find a business selling at under ten grand, think about it for a moment. You’ll have to build that business reputation back up and make it profitable again. That’s a lot of work to take on so you have to be ready for this commitment.

The second option is to buy a successful business that the owner is essentially, bored of. It’s going to be selling at a high price and a seller will know exactly what offer they want. You might be willing to pay but you have to make sure it’s worth the cost. All the finances should be in order and you should have the option to keep staff on. As well as this, you need to make sure the business name is not damaged and you are not being swindled. A business broker will make sure this is not the case. But you should also hire a private lawyer.

After You Buy
Lastly, once you’ve bought the company we recommend you encourage the business owner to stay on as an adviser. Do this, even if they ask to be compensated. It will make the transition far easier and give you a better chance at success.

Photo by Christelle BOURGEOIS

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Mia Guerra

Mia Guerra

Executive Editor at Chispa Magazine
Executive Editor at Chispa Magazine, Mia Guerra is a writer at heart. Regardless the topic, she loves to investigate, encourage, and ruminate on topics that can make us better people. Aiming to live a Proverbs 31 life, Mia is ecstatic to be following her calling with Chispa. At home she is her husband's sidekick and together they are raising a God-fearing family in Atlanta.

Mia Guerra

Executive Editor at Chispa Magazine, Mia Guerra is a writer at heart. Regardless the topic, she loves to investigate, encourage, and ruminate on topics that can make us better people. Aiming to live a Proverbs 31 life, Mia is ecstatic to be following her calling with Chispa. At home she is her husband's sidekick and together they are raising a God-fearing family in Atlanta.