Finding the Right Business to Buy
So you want to be your own boss but you’re not sure where to start. Perhaps
you have an idea or are still looking, waiting for that ideal business
opportunity to present itself.
Owning and operating a business takes up a significant chunk of your time,
so when searching for a business, perhaps the single most important factor
to consider, is that it must be something that you will enjoy. Secondly, if
you have specific skills then immediately you are adding value to the
business - although some skills can be learnt on the job or imported.
Contact key brokers who operate in your area of interest. Regularly check
what’s on offer in newspapers and through internet sites like
www.nzbizbuysell.co.nz. If you are seeking something specific, then get to
know the appropriate associations and let them know you are interested in
buying a business. Look to advertise for what you want - ask your accountant
or anyone else who may have contact with potential business sellers? Be
patient - the path to identifying the right business can take time.
Contact a Business Broker.
Business brokers are often used in selling business; they will be happy to
discuss your needs as a buyer and will generally have several businesses on
their books for sale at any one time. Some specialise in particular areas
and will be able to offer industry advice and opportunities. Remember that
the broker works for the seller, and that the better the sale price, the
better their commission. Visit several brokers to gain a complete picture on
what’s on offer in your area of interest. No one broker will hold all the
option, develop a network with key operators that can help you and make sure
you brief them well on what you are looking for.
Check the Internet.
Go online and search key New Zealand business for sale sites. These often
provide useful information and resources along with descriptive ads of what’
s on offer; generally you can specify the type of business, location and
price range. If you cannot find what you are looking for, then maybe you can
place a free ad under a “Businesses Wanted” section. You could also check
out any Broker Directory’s and call one of the listed brokers and ask them
if they have any other listings.
Print Media.
Search the classified section of your local newspapers. Often the businesses
advertised don’t go into much detail and you will need to get busy on the
phone to filter out those that aren’t suitable. Be prepared and have a list
of key questions ready. Find out exactly what they are selling, what the
market is, the opportunity, why they are selling and the asking price. Trade
journals and magazines are another place to look.
nzbizbuysell.co
For more information on buying or selling a business visit www.nzbizbuysell.co.nz and subscribe to our free buyer bulletins and newsletters.
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