buying a Business

Entrepreneurs need their own team to navigate the sales process.

3 Additional Research Items When You Buy a Business

posted by: Brian Caldwell
Jun 27, 2017 2:36:00 PM

As a successful entrepreneur, you’re used to developing in-depth and well-curated plans to get you closer to your goals. When you’re looking to buy a business, these plans are required to be well researched to ensure you’re entering a potential purchase with all necessary information. Once you’ve found an available business that has peaked your interests, complete your quest for information by researching the following items before the completion of the business buying process:

1. Research Competition

Knowing what you’ll be up against as a business owner is vital to your success. Search your local area for competing businesses in relevant fields, and consider their operations. What does their target market look like? Is their location more convenient than yours is? Why are customers frequenting their business? 3 ADDITIONAL RESEARCH ITEMS WHEN YOU BUY A BUSINESSThoroughly research exactly what they are doing differently than your potential business, and highlight those differences by developing products and methods that they are not providing.

 

2. Develop an Understanding of the Business Buying Process

When buying a business, you’ll be faced with countless options and roads to continue down. Understanding this process will help you make well-informed decisions while managing to land the best deal possible. By researching the buying a business process, entrepreneurs can see exactly what it takes to hash out an acquisition while being confident in their abilities.

 

3. Know Who Must Be Involved in the Sale

Knowing who should be involved in the sale of a business assists entrepreneurs in gathering these individuals, and ensuring a smooth transition between the seller and new ownership. The core group of individuals that must be involved in the sale of a business are:

  • Accountants
  • Attorneys
  • Business Owner(s)

Together, this group of professionals must review terms, organize the financial documents and situations, and discuss the complete process of the upcoming transition.

Gathering these important professionals, along with any other individuals (such as families, investors, etc.) in one room can be a difficult task. Staying on task to ensure all parties are on the same page and will reach desired goals is a job on its own. This is where Transworld Business Advisors of Minnesota come in.

We work directly with sellers and buyers to create a smooth turnover of business operations in a timely manner. Visit Transworld Business Advisors of Minnesota online, and be sure to check our available listings of local businesses for sale in Minnesota.

Commercial Bakery

Commercial and retail bakery serves a wide range of wholesale customers including restaurants, country clubs, school districts, and food service. Consistent profit and growth. View Listing 

Cold Spring MN - Ideal Lot & Building

This Commercial Property is in the thriving Chain of Lakes community of Cold Spring in Central Minnesota just 15 minutes from St Cloud & 8 miles from I-94 access, just 65 miles Northwest of Mpls/St Paul. MN Highway 23 is a Commercial Corridor, with Daily Traffic Counts of +15,000.  View Listing 

Insurance – Residual Income

Growing and profitable outdoor power equipment and repair business located in Cold Spring, MN is available for sale. Includes shop, offices, and showroom.  View Listing 

Historic Lanesboro Inn For Sale

This business is a unique opportunity for someone looking to own not only a long standing Inn, but looking for a profitable seasonal business as well View Listing 

Specialty Construction Roofing

Leading specialty roofing contractor in Western WI. Excellent history of customer service with over 1000 roofs installed.  View Listing 

Comments