BUY A BUSINESS
BUSINESS BUYER SERVICES
Finn can help take the speculation out of your business search and buying decision.
We are experts in buying and selling businesses, and are knowledgeable about the business recruitment process. Our extensive network of business brokers allow us inside access to businesses about to go on the market and silent listings.
Having a professional with you every step of the way allows you to be confident in your decision making process. Keep reading to learn about our Buyer Services.
BUYING A BUSINESS
DETERMINE THE LIFESTYLE AND INCOME YOU WANT
When searching for the right business for you, start by determining the minimum amount of income you are willing to earn. If a business you are interested in cannot deliver that income, cross it off your list. Next, decide how much time you want to spend on the business. Narrow down your list even further by removing the businesses that cannot deliver the lifestyle you want.
GET A PROFESSIONAL APPRAISAL
Accurate business appraisals might seem impossible to you, however, they’re not for professional appraisers. Getting a professional appraisal for the business that you’re planning to buy is a small step that can save you lots of money.
HIRE A BUSINESS BROKER
Buying a new business involves lots of tough choices. As they know the market inside out, business brokers can offer valuable insights, help you choose the right business and guide you through the entire process. Another perk of hiring a business broker is taking advantage of their access to silent listings, which are listings that have no marketing program and are only presented to suitable buyers.
CREATE A DREAM TEAM WITH YOUR BUSINESS BROKER
Your business broker can recommend experts in law, business accounting and finance to help ensure you get the best deal and the most efficient business transfer possible.
DO YOUR RESEARCH
Once you’ve found a business that you’d like to buy, it’s research time. Doing a thorough and objective research about the business will help you make a more informed decision. Be prepared to sign a confidentiality agreement, to ensure that you will only use the information provided to you to decide whether or not you want to purchase the business. Your Finn Broker can help you to understand contracts and leases, financial statements, tax returns and other important documents used to operate the business.
DETERMINE A FAIR PRICE
Determining a price is the most emotionally charged part of the whole buying process. The seller will have one idea of how much the business is worth, while you, the buyer, will typically have a completely different one. Despite the fact that many factors go into determining a price, whoever is more prepared has the most leverage. Your business broker will prepare a Business Profile Document and Due Diligence Package for the business you are interested in buying to help you determine a fair price.
HAVE A PLAN
You’re buying a successful business with an established brand and reputation. To continue that success, you must have a solid plan. Have this plan ready ahead of time to make sure that once you take over, you’ll be prepared.
GET A PROFESSIONAL APPRAISAL
Knowing your negotiation opportunities will help you get a fair price for the business that you’re buying. While it’s difficult for you to figure out those negotiation options on your own, it isn’t the same for professional buyer advocates. The Finn Buyer Agent Service will help you review the business information in order to highlight the negotiation options that’ll help you get the best price.
GETTING THE FINANCING YOU NEED
After you’ve done your research and ready to close the deal, it’s time to get the financing you need. A professional commercial finance broker can guide you through the financing process, prepare your application, find the best deal for you and make the entire process much easier.
START THE TRANSITION PROCESS BEFORE THE DEAL IS COMPLETE
To ensure a smooth transition, start working in your new business with the existing owner before the deal is complete. Take the time to talk to employees, customers and suppliers, and make sure you’re really ready to run this business after the owner leaves.
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