HOW TO BUY A BUSINESS
If you have decided to buy an existing business, you will want to be sure you are making the right choice in your new venture. By using the following six steps below, Pinnacle Business Brokers can help you determine the right business for your needs.
Six Step Plan
STEP 1 Set A Goal to Find a Business!
Buying a business is a process many people start but don’t finish. Most people begin the search and become frustrated with the process, ultimately giving up after 18 months on average. Failure to buy a business is often attributed to inability to define next steps so it will be a priority of ours to help you maintain focus. We will help you set deadlines to make your business ownership goal a reality.
STEP 2 Build a Support System
Business ownership is both time and emotionally consuming. Support is very important to your overall success and keeping those close to you informed can ease the burden even if you are running the business alone. Having someone you can share ideas, goals, frustrations and accomplishments with will enhance long term chances of success.
STEP 3 Define the Search
Many businesses are for sale which can make the process seem overwhelming. At Pinnacle, we want to help you narrow the scope of your search to opportunities that are the best fit for you! We will help you identify your skills, strengths and interests to position you with prospects you’ll have a long lasting passion for.
STEP 4 Organize Your Finances
We will assist you in creating a personal financial statement to define a budget. Purchasing a business can be accomplished various ways, but having a strong foundation of your personal situation is vital. Understanding your liquid assets, credit rating and capital resources is information to focus on early in the process to help define our business search. We want to help you be realistic in identifying those opportunities that are most affordable.
STEP 5 Make Offers and Complete Due Diligence
Once opportunities that best fit your aptitudes and finances are defined, we will make initial offers. You will want to spend time performing due diligence by reviewing records and available information to make the most informed decision possible. Seek professional advice from qualified accountants and attorneys as needed.
STEP 6 Ensure Timely Closing
Finally, we will position your offer competitively to ensure you can achieve financial success. Once you’ve identified the right opportunity, our goal is to transfer ownership quickly so you can assume control and start realizing your business ownership dreams!
Pinnacle Business Brokers mission is to assist business owners in realizing the maximum value when selling their company. We also strive to help opportunity seekers find their ideal business and pay a price that fits their budget.