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Are you ready to embark on an exciting journey towards becoming your own boss? At VNB Business Brokers, we are here to guide you towards the perfect business that aligns with your personal and financial goals. Unlock your entrepreneurial potential today.
Going into business for yourself is a big step, one that can be full of apprehension and even fear.
Almost 90 percent of all those who purchase a small business have never owned a business. Most of them bought a business that was different than what they had been looking for. These buyers had the opportunity to explore the marketplace and subsequently found a business more to their liking. In most cases, the seller financed the sale.
Most buyers are seeking to obtain the following when considering the purchase of a business:
As you begin your search, keep in mind that running your own business is more than a job; it is a lifestyle change. In most cases, it is a very big lifestyle change. Usually, you will be working longer hours, making all of the decisions, and, as the expression goes, “you will be the chief cook and bottle washer.” In other words, you will be doing all of the work from running the business to, in many cases, sweeping the floor and changing the light bulbs.
Being in business for yourself can be a daunting prospect. There are no guarantees. At some point, after all of your investigation is completed, you will still have to make that “leap of faith” that is necessary to proceed with the purchase of the business.
You will have to work hard, perhaps even “tighten your belt” a little, and perform many different jobs to be successful in your own business. But, if running your own show, making your own decisions, not having to worry about job security (remember, no one can fire you from your own business), and just being on your own are important – then owning a business is for you.
After taking this leap of faith, almost all business owners will tell you that they would never go back to being an employee.
The next step to buying your own business is to make sure it is the right move for you and your family.
Owning one’s own business is still very much “the great American dream,” but it’s not for everybody. Here are some questions that you should ask yourself before taking the next step.
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Purchasing an established business offers numerous benefits compared to starting one from scratch. Here's why buying an existing business is the right choice for you:
Skilled Workforce: Avoid the challenges of recruiting and training new employees. An existing business has a knowledgeable and trained team ready to excel under your leadership.
Established Relationships: Leverage the trust and connections built by the previous owner. By acquiring an established business, you inherit reliable suppliers and credit arrangements, ensuring a smooth transition and continued operations.
Loyal Customer Base: Sidestep the uncertainties of starting from scratch. With an existing business, you gain a dedicated customer base and referral network, providing a solid foundation for growth and profitability.
Existing Licenses and Permits: Save time navigating regulatory requirements. Purchasing a business with current licenses and permits streamlines the process, allowing you to focus on managing and expanding your venture.
Seller Training: Learn the ins and outs of the business directly from the previous owner. Benefit from their expertise during a comprehensive training period, ensuring a seamless handover.
Owner Financing Options: Overcome financial barriers with seller financing options. Sellers are often willing to provide financial assistance, simplifying your acquisition journey.
Actual Performance Data: When buying an existing business, you can evaluate its performance and potential based on historical data, unlike starting a new business where decisions are driven by projections.
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Before diving into the world of business ownership, consider these essential tips to maximize your chances of success:
Location: Choose a strategic location that meets the needs of your target market and offers growth potential.
Track record: Evaluate the business's past performance, market share, and growth potential to ensure it aligns with your goals.
Management: Assess the quality of the management team and employee relationships to ensure a smooth transition and continued success.
Browse our listing database and network of business acquisition opportunities to discover businesses that align with your vision and objectives.
Ensure the sensitive information the seller shares is kept confidential throughout the acquisition process by executing an NDA.
Provide a detailed Buyer Profile outlining your professional experience and financial capabilities. This confidential information helps us assess the fit between your requirements and potential businesses.
Access comprehensive information about the business, including financial performance, growth opportunities, and more, to make informed decisions.
Discuss your interests and initial questions during a brief call with a business broker to determine if the opportunity aligns with your acquisition goals.
Join a call with the seller and broker to learn about the business, share your interest, and discuss your background and experience, laying the groundwork for further exploration.
Schedule an on-site tour, meet the seller, and gain deeper insights into the business's operations. Subsequent discussions address your preferences, concerns, and potential next steps.
Make a conditional, non-binding offer by submitting an LOI, proof of funds, and a good faith deposit. We can assist with offer preparation, deal structuring, and contingencies.
After your LOI is accepted, conduct thorough due diligence to examine various aspects of the business in detail, verifying financial information, assessing assets, and vetting other crucial elements to make a well-informed decision.
Finalize and sign a purchase and sale agreement with the seller to formally accept your offer. Engage attorneys and advisors to guide you through the process.
Conduct an inventory count (if applicable) alongside the seller to ensure an accurate transfer of assets. We'll assist in coordinating pre-closing items and facilitate a smooth process.
Congratulations, you’re now a business owner! Embrace your success and embark on a rewarding entrepreneurial journey.
Explore our current opportunities in more detail and take the first step towards making your dream of business ownership a reality.
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Be sure to visit Buyer FAQ for answers to the following questions.
