Buying a business can be a very complex and challenging process. However, owning a business can also be a very rewarding means of controlling your own destiny and accumulating wealth.Touchstone Business Advisors welcomes the opportunity to meet with you in person and to assist you throughout the entire process of buying a business. Here are 10 basic steps to buy a business:
1. Analyze your skills and resources
2. Determine your goals and objectives
3. Hire a reputable business intermediary or business broker
4. Maintain confidentiality
5. Investigate prospective business opportunities
6. Meet with the Seller
7. Determine the value of the business
8. Make an offer
9. Perform a thorough due diligence
10. Close the transaction
A BUYER SEARCH is the best way for you to uncover “hidden” businesses that never make it to the market. Locating the right business to purchase can be a frustrating and time-consuming experience. In general, there are too many buyers chasing too few good businesses. The smartest approach for you is to find one that nobody else knows about – a business that has NOT YET BEEN LISTED.
Many business owners have been thinking about selling their business for a long time. They just haven’t done anything about it. Some are concerned about confidentiality issues and are afraid to list their business for sale. Many have misconceptions or don’t understand the sales process. And many are afraid to let go. These can be the business owners who can be identified by a comprehensive search campaign.
Most buyers spend a good deal of time looking. Most are ambitious and smart. Most feel they are conducting a thorough search to locate good opportunities. Yet, less than five percent succeed.