How do I find a great deal to buy?
If you’ve always dreamed of owning your own business, but not necessarily starting from scratch, buying an established business may be right for you.
There are many businesses available to buy, from franchises to sole proprietorships.
Companies do not always advertise that they are for sale. Sometimes you may not even know a location is going to close until they announce clearance sales.
The Internet is a great resource for finding businesses to buy.
bizbuysell.com
BizBuySell has been helping connect business sellers and new owners for over 20 years. The company has helped sell over 100,000 businesses and currently has 45,000 active listings for sale.
The website also provides tools and advice on how to sell or buy a business, finance the purchase, and more. BizBuySell users can search by state, county, business category, and minimum/maximum price.
Mergernetwork.com
Over 15,000 active business for sale listings from around the world are listed on the Merger Network. The network actually allows sellers to post for-sale ads for their businesses for free. Thousands of entrepreneurs, investment bankers, and business brokers can connect with these sellers. There is no cost to sign up, which is great for exploring new opportunities.
businessforsale.com
Over 60,000 businesses are currently listed for sale on the Businesses for Sale website. Users can search by industry, region, or franchises for sale. Businesses for Sale also has a top search section, which includes businesses with reduced prices, unique businesses (ie a horseback riding business), and small businesses for sale.
Most of the sellers on each website offer information about the business, including images, its location, sales revenue, sale price, lease terms, competition and market, and much more.
Beyond the information on a listing, you should talk to the owner to get as much information about the business as possible, including why they’re selling.
Benefits of a franchise
If you are considering buying a business, finding a franchise for sale is a way to get started with a business that is already well established. Some of the benefits of owning a franchise include:
- Brand recognition
- Ongoing operational support
- Ongoing marketing support
- Assistance in purchases and logistics.
- Less risks
- Join a family of other franchisees
If you are considering buying a franchise, ask how the franchise works. For example, what are the ongoing royalty fees and marketing fees? How much creative freedom do the owners have? How easy is it to get support from the franchisor? All these questions and more must be considered. If you are buying a franchise, research the franchise model as if you were starting from scratch.