Monday, June 22, 2015
7 Unique Ways to Find a Florida Business for Sale
For the average person, finding a profitable Florida business to purchase can be a challenge. Business owners do not always wish to broadcast the fact that they are planning on selling, as there are often legitimate concerns about letting customers, vendors and partners know that the owner is looking to exit. Often the owners themselves may not yet have fully decided that they want to sell. Here are some unique ways of locating profitable businesses to buy.
7. Check the Divorce Column
It's a sad fact that divorce is one of the leading causes of people selling their major assets. When people divorce, it can be difficult to evenly split a business unless it is sold outright, and many divorced people want to start a new chapter in their lives by leaving their businesses behind. Looking for people who are getting divorced and tactfully asking if they are looking to sell can be a good way to find businesses for sale at attractive prices.
6. Read Trade Publications
Everyone retires eventually, but knowing who is retiring and when isn't always easy. Looking through trade publications for people who appear near retirement age can provide you with a good source of prospects to follow up with.
5. Make Cold Calls
Cold calling may seem like throwing darts in the dark, but it often takes less work to find a bargain than you might think. A good approach is to call businesses in the industry that you are looking to buy into and ask if they know someone who wants to sell. Wait for a couple weeks, then send a letter providing your contact information to the same list of prospects to follow up.
4. Ask about Partnerships
Even if someone is not looking to sell yet, they may still be interested in forming a partnership. For example, if you have particular marketing expertise, you may be able to negotiate equity in exchange for your consulting time. Having a foothold in the business will enable you to get a better sense of the market and the profitability of the business. You can then decide if you want to acquire the business outright at a later date.
3. Network with Professional Investors
Professional investors who put money into a range of businesses can be a good source of leads. Professional investors may be looking to divest from one of their businesses. Professional investors will typically look to divest at a reasonable price, but they can also bring less emotion to the negotiations and provide you with valuable information.
2. Leverage Lawyers and Financial Advisors
Lawyers and financial advisors can be a useful source of information about potential business buying opportunities. The nature of their work puts them into contact with many business people. Networking events, business associations and social organizations are all useful places to meet these professionals.
1. Work with a Professional Business Broker
Finally, you can save yourself considerable time, stress and money by choosing to work with a business broker. An estimated 50 percent of all deals between business buyers and sellers never close, primarily because they lack the expert advice of a business broker. Brokers have the experience to identify deals that are suited to the needs of the buyer. Using a business broker is invariably the smartest way for most buyers to locate and close on a profitable business. For more information visit Florida's trusted BusinessBroker here.