Buying a Business?
Have you always dreamed of owning your own business? The financial and emotional rewards of being your own boss can be many, but the road to business ownership can be a complicated process and there is much to consider before making a commitment.
The first step in the process is to fully evaluate:
- Your financial goals and needs
- Experience in, or willingness to learn, your desired industry
- Your tolerance to risk
- Level of commitment to the investment of time in operating the business
- Ability to make a capital investment in the business
- Your time frame for purchasing a business
Beyond these initial considerations, once a suitable business is identified for purchase, the business buyer is faced with a number of challenges and hurdles to cross in the actual process of purchasing a business including:
- Making a written offer
- Negotiating the best price and terms
- Securing financing
- Licensing requirements
- Lease terms
- Inventory accounting
- Tax implications
- Environmental concerns
- Governmental compliance
- Ownership structure
- Managing the due diligence process
- Transfer of proprietary rights
- Smooth transfer of ownership
Additionally, there are often industry specific issues to address, and each business transaction is unique and must be tailored to comply with those issues. For example, restaurants, retail, manufacturing, auto, service, online/web-based, convenience stores, landscaping, medical practice, and accounting firm businesses (to name a few), all come with their own particular set of nuances, compliance regulations and rules to be followed to ensure a successful transfer of ownership.
That is where we come in. We can not only help with the early stages of locating a business that matches your financial goals and business needs, but also assist in guiding you through the maze of challenges involved in the business purchase process, and help lead you successfully to the path of becoming a business owner.
As a former longtime business owner - Keith Dean, CBI – fully understands the daily challenges of managing cash flow, employees, taxes, government regulations, and the issues involved in operating an ongoing business concern. And as a Certified Business Intermediary (CBI), and member of the International Business Brokers Association (IBBA), he taps into that experience to help business buyers and sellers achieve their goals.
For a confidential, discreet, no obligation consultation and business assessment, call, text or email Keith Dean, CBI (Certified Business Intermediary), Associate Broker and Business Broker with BHHS Hodnett Cooper Real Estate to discuss your needs today at 912-577-9003.
Considering buying a business but have questions? Contact us today. Your information is confidential and secure.