Buying a Business

Your an existing business and looking to expand into other areas so as to build on revenue, profits or complimentary business services. Or you've grown tired of working for the corporate bureaucrats , tired of working for someone else, or have been caught in this downsizing economy? Perhaps you are just out of college and want to manage your own destiny. You ask where do I start? Finding the right company is a very challeging task. But before we get into the negotiating and the "how to" part of buying a business, let's review what you are all about, and then we'll cover strategy.

Based on our experience, what follows are some observations about buyers that have gone on to become successful business owners. The list is not meant to be all-inclusive or cast in stone but anyone thinking about putting their hard earned money on the line should review these and see how they stack up, or how they can remedy a potential weakness.

  1. You must have the ability to sell and have some marketing skills.
  2. Successful buyers always have a game plan; most of their time is spent looking at the future of the business.
  3. Buyers who are short on selling/marketing skills get a partner who can handle that end of the business.
  4. Give attention to the cash flow after your debt payments to make sure that you have some breathing room.
  5. Make sure you're comfortable with the seller, and that he/she is, in a nutshell, honest.
  6. Every business will have a flaw; the key is finding it, and determining how you will manage it. There is no such thing as a perfect business at a perfect price at perfect terms.
  7. Once you find a business, don't fall into what we call "paralysis by analysis." Make a decision to move forward.
  8. You have seen this one before many times; have some good outside advisors, and use them CPA's & Attorneys.
  9. During your evaluation, ask yourself exactly what you are buying. It may be a dependable cash flow, a good customer base, a business that offers growth, reliable equipment, a new and exciting technology, instant fame, to name a few. Know what you are buying!

Directed Buyer Searches

If your a business thats looking to expand its footprint, increase revenues, or offer complimentary services or products Hartford Business Brokers can perform a "directed buyer search" on your behalf. Each directed search is tailored to your specific requirements and the cost of our services is quite reasonable.

If you are a new business buyer and can't seem to find anything that you like, consider hiring Hartford Business Brokers to find that business for you and help you to get the deal closed. You will spin your wheels less, cut your anxiety factor down and purchase your new business much sooner.