How do I find a great business to buy?
If you’ve always dreamed of owning your own business, but not necessarily from scratch, buying an established business may be right for you.
There are many companies available for purchase, from franchises to exclusive companies.
Companies don’t always advertise that they are for sale. Sometimes you may not even know a location is going bankrupt until the breakout offers are announced.
The Internet is a great resource for finding businesses to buy.
BizBuySell has helped connect business sellers and new owners for over 20 years. The company has helped sell more than 100,000 businesses and currently has 45,000 active listings for sale.
The website also provides tools and tips 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.
More than 15,000 active business-for-sale listings from around the world are listed on the Merger Network. Actually, the network allows sellers to post sale ads for their businesses for free. Thousands of entrepreneurs, investment bankers, and trade brokers can connect with these sellers. There is no cost to register, which is great for exploring new opportunities.
Currently, more than 60,000 businesses are for sale on the Business for Sale website. Users can search by industry, region, or franchises for sale. Businesses for Sale also has a section on top searches, which includes reduced-price businesses, unique businesses (ie, a horseback riding business), and small businesses for sale.
Most of the sellers on each website offer information about the companies, including images, their location, sales income, sales price, lease terms, competition and market, and much more.
Beyond the information in a listing, you should speak with the owner to get as much information as possible about the business, including the reason for the sale.
Benefits of a franchise
If you are considering buying a business, finding a franchise for sale is one way to start a business that is already well established. Some of the benefits of owning a franchise include:
Continuous operational support
Ongoing marketing support
Assistance in purchasing and logistics
Join a family of other franchisees
If you are considering buying a franchise, ask how the franchise works. For example, what are the royalty fees and ongoing marketing fees? How much creative freedom do owners have? How easy is it to get the support of the franchisor? All of these questions and more need to be considered. If you are buying a franchise, research the franchise model as if you were starting from scratch.