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Do you need professional help to purchase a business?
Are you the best person to be ‘on the front line’ when negotiating a business purchase?
If you’re not sure how to answer those questions, consider the following:
- Have you got the time and know-how to actively identify business purchase opportunities?
- How do you tap into the target market of prospective sellers without wasting time and money?
- How is a seller going to feel dealing directly with you as the prospective buyer? Are they going to tell you exactly what they think about the business, or could this situation be slightly confronting for you and the seller?
There are no right or wrong answers to these questions, as every situation is different.
However, there are often advantages in having a ‘representative’ act on your behalf, especially when it comes time to follow up and motivate the seller to consider your offer and negotiate the deal.
4 Key Business Purchasing Tips
- If you are serious in wanting to purchase, know the maximum amount you can invest and share this with your advisor/broker. Be realistic, because otherwise you’re potentially wasting time and money.
- Make sure you do a thorough due diligence of the business, its risks, opportunities and related factors.
- Be prepared to walk away and move to another opportunity if the deal doesn’t meet your core requirements.
- Preparation and planning for a business purchase is the most important factor in lifting the probability of success.