Learn about the five steps to take as a first-time buyer.
Buying a business for the first time is a very big step to make, and it’s essential to be as prepared as possible to ensure the process goes smoothly. Continue reading for five steps that every first-time buyer should take in order to get the best results.
Gather Information
The first crucial step that a first-time buyer must take is to take the time to gather information on businesses they are interested in. Buyers must learn everything they can about a business, and make a list of things that they are looking for in a company, and things that are dealbreakers.
Business Broker
The second step is to begin working with a professional business broker. Take your time to find a broker that seems like a good fit and is dedicated to helping you find the perfect business to buy. This step is crucial for all buyers, but especially those who have never bought a business before, as a broker will be the best resource for accessing information that you can’t find on your own.
Confidentiality Agreement
Once your business broker helps you to find a business that you are interested in buying, the third step is to sign a confidentiality agreement to learn more about the company. Once you sign and have access to the marketing package and are still interested, your broker can schedule an appointment with the seller. During the meeting, you should bring a list of questions to learn more about the company. Remember that buying a business is much more than the price tag- you should be ready to learn the ins and outs of the business and learn about its long-term potential.
Evaluation
The fourth step for a first-time buyer is to take the time to evaluate all of the information you gather from the seller. A business broker will be extremely helpful in this step, as they have years of experience will buying and selling businesses that they will know how to evaluate the seller’s information.
Final Decision
The last step is to make the final decision of putting in an offer to purchase the business. Buying a business is a huge commitment, but if you spend the time to find the perfect company and you believe it is the right decision for you, it can be an amazing investment!
Buying With Atlantic Business Brokerage, Inc.
At Atlantic Business Brokerage, our mission is quite simple; we help sellers sell businesses, and buyers buy businesses! Over the past 30 years, ABBI has facilitated the sale of countless commercial properties, businesses, and franchised locations. With our unparalleled knowledge of the business purchase and sale industry and our network of contacts, we offer services to both buyers and sellers that no other brokerage firm can match.
Contact us to discuss your business buying and selling goals today at 410-561-9800, or Toll-Free at 800-279-7569. Email us at [email protected], and follow us online on Facebook and LinkedIn.