Q - I've never bought a business before, where do I start?
A - Many first time buyers make the mistake of blindly combing through business for sale listings with no real strategy. With thousands of listings out there, it can be daunting.
It is important to find the right kind of business for you! Figure out what you are good at, what you would enjoy, and how much you can afford. What is your experience up until now? You need to rule out unsuitable businesses. A food business is very different from a manufacturing business, which is different from a retail business.
When investigating businesses, don't fall into the trap of asking to see the financial statements first. The financials should be used to determine the value of the business, not the suitability. Visit the business, meet with the owner, learn everything you can about the business. Only after you are convinced that it could be a fit for you should you review financial statements to come up with a value.
We will help guide you through the entire process.