You’ve made a major decision that you want to buy a business. You dream of being financially independent and totally in control of your own destiny. You’ve waited a long time to put yourself in this position, and know that you must find the right business that offers the greatest chance for success in obtaining your goals and giving you the lifestyle you have envisioned for yourself and your family. How do you stack the odds in your favor to give yourself the greatest chance for success?
First, knowledge is and always has been the greatest tool for making the right decisions. One has to be open-minded about opportunities and locations that are available. You want the most “bang for the buck.” Maybe you are a huge sports fan and can’t believe your luck when you see a space available right by the stadium. Sure, the rent is much higher than you wanted, but all those fans will insure success! This is an amazing opportunity. Forget about that other location you had been considering that was half the price. You have to spend money to make money, isn’t that what they say?
Did you forget to consider that the season is only for 4 months, or that you will only be busy when the home team plays at home? Or that that other, less glamorous location is near a subway or bus station, and is steady 24/7?This is the time to speak to a professional, who not only has listings of available businesses for sale, but has already done most of the initial investigations of the businesses he has in terms of verifying income claims, lease terms, restrictions, money down versus seller financing, etc. He will act as an advisor and try to understand what is really important to you, and may even suggest other opportunities he feels will be a better fit. He has gone through the process countless times, and knows what to look for. A good broker will save you time, expedite the entire process, and may even save you the heartache of making the wrong decision.