How Do You Find a Business to Buy?

When you have decided on the type of business that you are best suited for, the next step is to search for a business. There are several considerations you will have to keep in mind as you look for a business to buy. These include location and how much you can afford to spend (budget).

Now that you have an idea about where you want to look for a business and how much you have to spend, you can start looking.

• The Internet is a great place for you to start looking. You can simply start by going to any search engine and typing “businesses for sale” in the search box. Be more specific by putting your location. For example, if you are looking for a  business in Phoenix, Arizona, type “businesses for sale in Phoenix, Arizona.” Conducting the search on your own may prove to be time consuming and may not yield the best results. If so, you might want to use a business broker. You may be responsible for some business broker expenses. Doing you own searching on the Internet will be free.
• Business brokers help people buy or sell a business and have the resources to help you reach your goals. You can tell them the type of business you are would like to buy and they can search within their database to see if one is available. If not, they can search for one that meets your criteria, saving you the time. Business brokers typically charge the seller a percentage of the final sale price, payable at the close of the deal. Be sure to ask a broker up front if there are any fees or expenses you will be responsible for as the buyer and perform due diligence before selecting a business broker. Get references and check to see if he or she is a member of a local or national business broker association.
• Another free resource is your local newspaper. The Business Opportunities section will feature advertisements with business for sale. The Sunday paper has a larger listing in that section. You can also use the newspaper and the Internet to place an ad stating the specific type of business you are looking to purchase.
• You can also search for a business to buy by attending various networking events and using word of mouth as a starting point. Start by attending local civic and business organization meetings as well as events sponsored by your local Chamber of Commerce. There are also industry specific organizations or associations that you can visit. Networking with people that are in a specific industry will enable you to learn more about available opportunities.