Buying a business that’s already up and running can represent an incredible opportunity. And, if you already have experience in the business’ industry, you can hit the ground running. However, finding the right business to buy can be difficult, and there are a lot of pitfalls that you’ll want to avoid to ensure you get off to a good start.
So, where should you start when looking at businesses for sale? How can you be certain you’re pursuing a valid business opportunity and not wasting your money? In this post, we’ll discuss a few places you can start and, more importantly, a few things you’ll want to verify.
If you’re looking to buy a business in Grand Rapids, for example, you can start by searching for the type of business you’d be interested in buying. Let’s say you want to purchase a laundromat. You can then sort the results by their star ratings, with a specific focus on low-rated businesses.
Read their reviews and look for anything that might tell you the owner has checked out: poorly maintained equipment, bad customer service, or unpredictable hours. Once you’ve found a few, give them a call and ask if the owner would discuss selling.
Online directories like BizBuySell offer a more streamlined way to find businesses for sale. With the ability to restrict your search to just businesses in Michigan, you can quickly find companies in a range of industries and at a range of price points.
These directories let you browse businesses, view their information, check their gross revenue, and get a feel for how they operate. They offer a relatively ‘hands-off’ approach that may benefit buyers who know what they’re doing.
And, finally, you can reach out to a business broker. A business broker will walk you through the process, provide you with a list of companies for sale, and act as a strategic partner throughout the entire sale.
Even better, a broker can work with you to verify the seller’s details, handle all of the paperwork, and ensure a smooth transition. Brokers are an excellent choice if you have minimal experience buying and want help navigating the complexities of the process.
If you’ve been considering buying or selling your company in Michigan, you owe it to yourself to work with West Michigan’s most trusted business brokers. Experienced in a range of industries, we’ve worked with clients from Lansing, Ann Arbor, Jackson, Metro Detroit, Kalamazoo, and everywhere in between.
So, if you’d like help navigating the market and ensuring you’re paying a fair price, don’t hesitate to reach out to our team today.
If you’re thinking about selling your business and don’t know where to start, consider speaking with our team here at Advanced Business Brokers. We specialize in brokering and advising exit plan strategies for various sizes/sectors of businesses.
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