Want to own your own business, but unsure what business you should buy? Let’s talk about it! Here at Core Business Brokers, we meet every type of business buyer, business owner and business seller under the sun. The motives for buying, holding and selling are different for many, but there are some underlying themes that tend to work for most. Let’s explain.
So… You want to buy a business
You’re a great leader. You’re organised, capable and business savvy. Owning your own business is the logical next step! After all, why work for someone else if you know you can do a great job working for yourself instead!? But before we identify the business you should buy, let’s identify the business you shouldn’t buy!
The business you shouldn’t buy
- A business that takes your heart captive, while ignoring your head (remember, buying a business shouldn’t be an emotionally charged decision)
- One in a flooded market that doesn’t offer anything different to its competitors and has no scope to do so in the near future
- A business covered in financial red flags (our advice? Listen to the advice of your Accountant)
The business you should buy
- A business that you can afford (where you meet the required repayments)
- One that has clear proof of growth and profit
- A business that you can see yourself in for years to come
- One that provides room for improvement (whether that’s the potential for new products and services, additional locations, better profit margins or a larger market share)
- A business that has a healthy level of goodwill (great customer rapport and a good reputation)
Most of all, the business you should buy is the business that makes sense. A business that provides you with the work-life balance, lifestyle and income you are seeking. A business that you can see yourself working in for years to come. The team here at Core Business Brokers has years of experience in business sales. We know what we’re looking at when it comes to buying a business and we’ll guide you through the due diligence process, the negotiations and the settlement.
If you’re in the market to buy a business and you’re not sure where to start, contact us here at Core Business Brokers today. Our ever-growing database of business listings will provide many opportunities for success, and our team of qualified Business Brokers are here to help each step of the way. Contact us to begin your business ownership journey here, or give us a call at (02) 9413 2977. Alternatively, email [email protected] or [email protected] to discuss your options.