Buying a running business can be a great way to become an entrepreneur and take control of your career and life. If you want to buy a business in the United States, there are several options you can take advantage of. Today, WisdomSpoon introduces you to some of the most common ways to find businesses for sale and gives you tips on how to purchase businesses smoothly.
Business-for-Sale Online Marketplaces
One of the easiest ways to find businesses for sale is to use online business-for-sale marketplaces. These websites connect buyers and sellers of businesses and typically offer a wide range of businesses for sale in different industries and price ranges. Some of the most popular online marketplaces for businesses for sale include:
BizBuySell.com
BizBuySell is an online marketplace for businesses that are for sale. It has been in operation for over 20 years and offers a variety of options for buyers and sellers. The website offers over 100,000 businesses for sale in different categories like restaurants, manufacturing, retail, and healthcare. BizBuySell also provides a variety of resources to help buyers and sellers through the process of buying or selling a business.
BusinessMart.com
BusinessMart.com is a website that allows users to search for businesses for sale by state, country, and industry. The website offers a range of businesses that are for sale, including franchises, small businesses, and home-based businesses. BusinessMart.com also provides resources like business valuation tools and a business broker directory.
BizQuest.com
This website is similar to BizBuySell and offers a wide range of businesses for sale across different industries and price ranges. On BizQuest.com, buyers can search for businesses by industry, location, and other key criteria. They can also browse listings by category, such as franchises, home-based businesses, and businesses with real estate. Each listing includes detailed information about the business, such as financials, operations, and customer base.
BusinessBroker.net
BusinessBroker.net is an online marketplace for buying and selling businesses. It offers a range of businesses for sale, including franchises, small businesses, and home-based businesses. BusinessBroker.net also provides resources like business valuation tools, a business broker directory, and a franchise directory.
BusinessesForSale.com
This website has a global presence and offers businesses for sale in the United States and other countries. BusinessesForSale.com offers a range of business types for sale, including franchises, online businesses, retail stores, and manufacturing companies. The website provides detailed information about each business, including financial information, turnover, and the reason for sale.
LoopNet.com
LoopNet is a commercial real estate marketplace that offers businesses for sale in addition to commercial real estate properties. The website offers a range of businesses that are for sale, including franchises, small businesses, and home-based businesses. LoopNet also provides resources like business valuation tools and a business broker directory.
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Business Brokers
Another option for finding businesses for sale is to work with a business broker. Business brokers are professionals who specialize in connecting buyers and sellers of businesses. They typically have access to a wider range of businesses for sale than online marketplaces, and can provide additional services such as valuing the business and helping with the transaction process. Some of the largest business brokers in the United States include:
Sunbelt Business Brokers
With over 250 offices across the United States, Sunbelt is one of the largest business brokers in the country. They specialize in businesses with revenues between $500,000 and $50 million.
Transworld Business Advisors
This business brokerage firm has over 200 offices across the world, including many in the United States. They specialize in small and medium-sized businesses.
VR Business Brokers
VR has been in business for over 40 years and has over 100 offices across the United States. They specialize in businesses with revenues between $1 million and $50 million.
Classified Ads
Classified ads, both online and offline, can also be a source of businesses for sale. Local newspapers and trade publications often have classified sections dedicated to businesses for sale, and online classified sites like Craigslist can also be a source of leads. To find businesses for sale on Craigslist, simply navigate to the “business/commercial” section of the website and search for businesses that are located in your preferred region.
Industry Associations
Industry associations are organizations that represent specific industries and provide resources and support to businesses within that industry. They can be a useful source of information for buyers who are looking to purchase a business within a specific industry. Many industry associations have sections on their websites dedicated to buying and selling businesses within their industry. Some popular industry associations include:
International Business Brokers Association (IBBA)
The IBBA is the largest association of business brokers in the world and provides resources and education for business brokers and buyers. They also have a directory of business brokers on their website.
National Restaurant Association
The National Restaurant Association is a leading trade association for the restaurant industry and provides resources and support for restaurant owners and buyers. Their website has a section dedicated to buying and selling restaurants.
National Retail Federation
The National Retail Federation is the world’s largest retail trade association and provides resources and support for retail businesses and buyers.
Networking
Sometimes the best way to find businesses for sale is through personal connections and networking. If you have a particular industry or geographic area in mind, it can be helpful to attend industry events or join local business groups to meet other business owners and professionals. You can also reach out to your own personal and professional networks to see if anyone knows of any businesses for sale.
Direct Outreach
If there is a specific business you are interested in buying, it can be worth reaching out to the owner directly to see if they are interested in selling. This approach can be more time-consuming and may require some research to find the contact information for the owner, but it can also lead to a more direct and potentially advantageous negotiation process.
Tips for Buying a Business
Once you’ve identified a business you’re interested in buying, there are several steps you should take to ensure the transaction is successful:
Do Your Due Diligence
Before making an offer on a business, it’s important to thoroughly research and understand the business. This includes reviewing financial statements, tax returns, and any other relevant documents to ensure the business is profitable and has a solid financial foundation. You should also conduct market research to understand the industry and competition, as well as any potential growth opportunities.
Get Professional Help
Buying a business can be a complex process, and it’s important to have professional guidance to ensure a successful transaction. This may include working with an attorney to review contracts and agreements, as well as an accountant to review financial statements and tax returns.
Negotiate a Fair Price
The price of a business can vary widely depending on factors such as industry, location, and profitability. It’s important to negotiate a fair price that takes into account the business’s financials, assets, and growth potential. Working with a business broker or other professional can be helpful in negotiating a fair price.
Secure Financing
Most buyers will need to secure financing to purchase a business. This may include traditional loans from banks or other financial institutions, as well as financing from the seller or other investors.
Plan for the Future
Once you’ve purchased a business, it’s important to have a solid plan for the future. This may include developing a marketing strategy, identifying growth opportunities, and hiring and training employees.
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