As an entrepreneur, you know the drive and the passion you have for business. And when it comes to becoming a business owner, you’re sure that’s the path you wish to take. However, with that path comes the choice of buying an established business or starting your own. There are pros and cons to each, but for many people, the pros are identified firmly within the buying side. Here’s an illustration of why buying an established business is the right choice.
Speaking of revenue, startups have a necessary ramp up period before revenue can be recognized. And even when revenue starts accruing, it can still take more time for it to be recognized as profit for you, or your investors. An established business will fast-track your financial time line.
An established business usually comes with two things: employees and customers or clients. Because you’re buying an established brand, there are people on board who are familiar with company history, goals, and processes. Even if there is much to be done to restructure or align as you take over, it helps the transition by utilizing the existing infrastructure. Conduct due diligence where your team of trained employees are concerned to determine strengths, hierarchy, and opportunities for growth.
If you’re buying an established business, its clients and customers are part of the transition, too. Less of your marketing strategy has to be focused on finding these individuals if this is the path you take. Be upfront with the people who already buy or benefit from your company, and conduct research on their needs, buying habits, and brand loyalty.
Treasure City is Central Minnesota’s largest & most unique gift and souvenir shop, located on Highway 10 in Royalton, strategically located on primary route to Brainerd Lakes Area, about 1½ hours north of the Twin Cities. Treasure City has been in business over fifty years and has become a Minnesota icon. View Listing
This bulldozing / excavation company comes packaged with Ag land and pure bred cow-calf operation. Equipment includes dozers, excavator, dump trucks, logging equipment (skidder and log truck), and a rock crusher to make your own gravel. 250 tillable acres of corn ground. View Listing
This specialty landscape company serves high end clients and those looking for plant specialty in their landscapes. Thousands of conifers, magnolias, rhododendrons, and Japanese Maples have been tested in order to have firsthand information of hardiness and viability in the Minnesota landscape. This has created a niche that is unsurpassed in the Minnesota landscape business. View Listing