On average, it takes a first-time business owner 3 years to buy a business - from the time they decide to buy, to the time they actually settle on their first business. Given that this is only the average, for many practitioners the process can take much longer! So to give yourself the best opportunity to buy a business, it is important that you dedicate time to the process.
- Organise a place to review opportunities:
Set a place where you can review opportunities and work on your ownership plans. The place should be free from clutter and away from distractions to enable you to dedicate time to setting your goals and reviewing opportunities. - Set aside regular time to buy a business:
Once you have a place to work on your ownership strategy, ensure that you dedicate some time review your position, opportunities and the industry. It does not have to be a considerable time, but sufficient enough to gain value from the process. The more regular this time is, the better chance you will have of gaining momentum. - Be organised and manage your enquiries:
Know what businesses you have submitted enquiries for and who you are dealing with for those sales. This will ensure that you can be efficient with the little time you may have available by making progress with each contact. - Respond in a timely manner to requests:
Show that you are dedicated to the process by responding in a timely fashion. Setting aside time to review and respond to ownership related emails each night will go a long way to showing that you are a genuine buyer and ensuring that you can respond quickly to new opportunities. - Be consistent and seek advice:
Spend time working out a strategy from the outset and stick to it. If your target keeps moving, it will take you longer to know what you're looking for. Seek advice early and structure a process to help you target they type of business you want to buy and get to know them. - Make time to meet the industry players:
Attend industry events and introduce yourself to the brokers. Make sure that you let them know who you are and what you're looking to buy.
In addition to these items, it is important that you take time to build a team of advisers/mentors to assist you in the process. You should also identify what type of business you are looking to buy and what personal development you need to complete to ready yourself for business ownership. However, dedicating time to the process will ensure that you can address all these aspects in the early stages of your search.
Advertisement:
Latest Blog Posts
Placing An Offer on a Business
When you have found a business that suits you, it will come time to place an offer on the business. When the time comes, you will need to ensure that your offer is complete, realistic and likely to appeal to the vendor's requirements.
Read More »The Market Price Is The Market Price
At the end of the day, the market price for a business is not always rational. It's the price a buyer and seller are willing to transact at. And sometimes, there is simply no logical explanation for the price paid.
Read More »What Pharmacy are You Looking to Buy
When looking to buy a pharmacy, there is significant investment; both personal and financial. To ensure that you succeed in your acquisition, take some time to ensure that you understand what opportunity you are looking for and how you are going to run the pharmacy. In order to buy a pharmacy, take some time to consider what makes you a ready buyer.
Read More »