- Before you start searching the “businesses for sale” listings online, you will need to gather as much information as possible to help you find a suitable business, properly evaluate it, and successfully negotiate the best deal.
- Searching on a Businesses for Sale by Owner directory like Bizsale.com is the best place to look for business opportunities. Here, you can search by region, business size, business type, and more.
- Once you identify a few different business models, ask yourself if you have the temperament to deal with the challenges of each one. For example, do you enjoy working with customers face to face or over the phone? How well do you manage people, or deal with demanding creditors?
- Are you prepared to take on the 24/7 challenges of a buying an existing business? This will include everything from human resources to bookkeeping, marketing and sales. Make sure you are ready to put the time in to make your business a success.
- Talk to the current owner about the challenges of running the business, and ask to see the last three years of financial statements. Most small business owners will offer some form of seller financing to help you get started.
When you find out about new business opportunities through a Business FSBO directory, you will be dealing directly with the owner, not a middleman, so be prepared to ask the right questions.