The way a business transitions from one owner to the next can have significant repercussions for its future success. Could you imagine what might happen if, upon completion of the sales transaction, the seller handed the keys to the buyer and, with a “good luck”, simply walked away? So much knowledge, insight, and history would also be going right out that door.
The idea of running a business is appealing to you, and it's easy to understand why. Business ownership means independence, being the master of your own destiny, and it can create a greater sense of freedom. But knowing that you want to have your own business isn't enough; you need to have clarity on what your dream business looks like so that you can take the necessary steps to turn it into reality.
Preparing to buy a business in modern times has changed drastically over the past 20 years. Gaining financial support for business buyers has become an obscure puzzle. With new entrepreneurs and experienced professionals alike trying to piece together the solution to easily discover grants and other available financial opportunities to buy a business, the need for adequate resources and information is more necessary than ever.
When looking to buy a business, you may think that you have all of the bases covered – you’ve got the funding, the business is currently successful, and the seller is cooperating with all your professional questions and concerns. But there are many factors to consider when purchasing a business. Before you jump head first into the purchase of a business, consider the following points, and ensure that your business decision won’t come back to bite you later.
As an entrepreneur, you’re constantly reading up on new marketing tactics, market statistics, and up-and-coming industries. With the sea of information available to you on the internet today, filtering through the countless web pages and information on social media can feel like being stuck in a maze. Get out of the knowledge rut by checking out these wonderfully curated and informative publications to keep you on top of your business game.
As a successful and investigative entrepreneur, you’ve got an eye for what businesses will or will not work for you. You’ve looked at the location, current customer base, and marketing tactics that a business currently has.
Buying a business with a partner can be a great tactic to cultivate and develop a profitable business. Although in theory buying an existing business with a partner sounds like an easy decision, there are some factors to consider before diving into a business partnership.
Regarding the process of buying a business, many more professionals are required to be involved than would appear on the surface, so assembling an acquisition team is a critical component to the process. Besides the buyer and the seller, the two main individuals in any business transaction, an entire team of professionals both from within and outside of the business industry must be developed before an acquisition can be completed. At Transworld Business Advisors of Minnesota, we know exactly who both buyers and sellers need on their individual teams, and how to successfully carry out an acquisition process while staying on task.
Business advisors and realtors are both professionals in their given sectors of industry, often overlapping duties during the acquisition of a business. But after the acquisition or sale of a business and its property, the commonalities cease to exist. Here are the key differences between a business advisor and a realtor, and why these differences should matter to you.