20 Aug Preparing to Buy or Sell a Business
Have you a dream of owning your own business with an income that will support you and your family the way you want. Or have you reached a point in your life where you’re ready to sell your business, providing you’re able to leave it in capable hands.
Are you equipped to achieve either milestone?
We want to help you get there. Helping others buy and sell businesses is what we do. And we’re darn good at it. Sunbelt Business Brokers is the world’s largest and most successful network of business brokers.
We have a network of offices in Canada with existing businesses for sale in all sizes and locations. You can check our website for information about our services and listings.
But that’s not what we want to talk about. We want to talk about you and the issues you may be facing as you consider buying or selling a business in Canada. We understand that the decisions you make going forward will be among the most important you’ll ever make.
Many of our brokers have themselves been successful business owners across a variety of industries. Like me, they welcome the opportunity to share their experience and expertise about the real world of small business.
Anyone who knows me knows I like a good conversation! I also enjoy coaching and mentoring, both one-to-one or one-to-many. Over the many years I’ve been in business, I’ve been privileged to help hundreds of individuals achieve their dreams.
For some time now, I’ve thought about writing a blog as a way of kick-starting that process for more people.
I’ve a saying I like to use when I talk to people about buying a business:
The good news is… you get to be your own boss.
I follow it up with :
The bad news is… you get to be your own boss.
It’s a bit like what you get when you ask others for advice or look for it on the internet. The web has made it possible for anyone and everyone to give their opinion. Yes, there are experts out there who are well-informed, but how do you know who to trust? Are they in fact familiar with Canadian rules and regulations?
Friends and family are also fond of giving advice. They have your best interests at heart, but do they really understand the industry, the marketplace, the latest trends as they relate to the world of small business?
Business brokers have that street-smart perspective. And we want to share that knowledge and experience, so that you’re better equipped to buy or sell a business if and when you’re ready.
That’s the purpose of this blog. You’ll learn all about the processes, the sequencing of steps and responsibilities, so you’ll understand who should be doing what and when. You’ll be able to pick up proven tips whether you’re buying or selling. The goal as we see it is a fair deal, with price, terms, and conditions that work for both sides, protecting your best interests in the process.
For the time being
If you’re ready to sell:
- There is a good market for quality businesses.
- There are more buyers chasing fewer businesses. That is expected to reverse a few years from now when large numbers of retiring baby boomers join those owners who have delayed selling their businesses. That will lead to many more businesses available than qualified buyers, lowering prices and making it more difficult to sell.
If you’re not ready to sell:
- Protect your wealth.
- Start by knowing what your business is worth. Identity changes and improvements you could make to add value.
If you’re thinking of buying a business:
- There is no perfect business, only some that are better for you than others.
- The key is to find the right “opportunity” for you to make it your perfect business.
- Look for an existing business with a proven track record of success, with trained employees, an existing customer base and an immediate cash flow.
Let’s stay connected
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