BUYER REPRESENTATION
If you'd like to be in business for yourself, your best bet is to buy an existing business. When you buy an existing business, you eliminate a lot of the uncertainty and "learning curve" of a startup.
Existing businesses are less risky because:
- There is existing cash flow
- There are existing customers
- Supplier relationships are already in place
- Employees are already in place
- The business infrastructure is already in place:
- legal structure
- licensing
- taxing authority
- telephone numbers
- web site
- insurance
- banking relationships
- You already have inventory
- You already have the equipment and supplies needed to run the business
- The business location is already established
- Financing may be easier to obtain
- You can sometimes hire the previous owner as a consultant
How to buy your business:
Here are the "broad strokes" of how you will find and buy your business:
- Initial broker interview: We'll discuss your plans and resources.
- Search for a business: We'll find a business that meets your criteria
- Meet with the seller
- Write the letter of intent to purchase
- Negotiate price & terms
- Sign the contract
- Obtain financing
- Perform due diligence
- Close the deal
There are a lot of details to each of the steps listed above. My strength is in finding and negotiating your deal. Remember, though, that I am neither an attorney nor a CPA. I recommend you hire professional advisors to assist with the legal and financial details.
Looking for a particular kind of business? Visit our CONTACT US page or call 1-800-959-2890 and let me know what you're looking for!
New River Business Brokers
3484 Terry’s Mill Road
Meadows of Dan, Virginia 24120
Telephone: 276-398-3932
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