Nathan Goldstein, CEO of Vested Business Brokers, talks about what it is like owning a small business.
When buying a business people often ask when is the right time to speak with the seller of the business. At Vested Business Brokers we believe that a potential business buyer should ALWAYS take advantage of the opportunity to speak to the owner of any business he is interested in…and to do it as soon in the business buying process as possible.
The process of buying a business is an education process. Not only should you, the potential buyer, learn all you can about the financial and operational details surrounding the business you’re interested in…you should also take every opportunity to learn all you can about the industry that the business you’re looking at is a part of.
Most business sellers will be more than happy to share their experience and insights with you before you buy their business. Let’s face it, they want you to be successful – especially when they are helping you finance the purchase of their business.
Before giving a buyer the chance to speak to the seller, our business brokers at Vested are trained to “qualify” each and every buyer to make sure they are not only ready, willing and able to buy the business in question, we also profile our buyers to make sure the business they are looking at is the “right fit” for what they are looking for.
By doing this we save time and effort for both our seller and our buyer clients.
To speak with a Vested Business Broker call us at (877) 735-5224.
When buying a business it is important to understand that some businesses for sale require the owner to be involved in the day to day operations while others can be run on what is called an “absentee” basis. In this video owner and CEO of Vested Business Brokers, Nathan Goldstein, explains the benefits of buying and owning and absentee run business…
Absentee owned businesses are great for a professional who wants to earn additional income by acquiring a business that will produce profit every single day while currently working their regular job, or traveling, etc.
Almost any business can be run absentee, however, you will find that most often absentee businesses for sale will be businesses like:
At Vested we happen to have an internet company that is a database management businesses. The person who owns it nets approximately $800,000 a year and it runs completely absentee. In fact, his only real activity connected to this business is transferring the money he earns through it from one account to another.
Now most absentee run businesses for sale are not as easy as that. In truth, with most of these types of business you wouldn’t physically have to be there, but you would be responsible for certain things that would require “work”. For example, some people who own absentee based businesses will do the following:
Other than those types of responsibilities, they are able to have the rest of their business run “absentee”.
If you want to learn more about absentee run businesses, don’t hesitate to call your Vested Broker. They’re there to help you. you can reach us at (877) 735-5224.
Is it better to buy an existing business or start a new one from scratch? This is a question entrepreneurs ask all time. In this video, Vested Business Brokers owner and CEO, Nathan Goldsteiin offers his opinion…
Buying a Business Vs. Starting a New One
The truth is that most businesses fail due to the following reasons:
When you start a new business you have no idea if it will be a success or a failure. There are just too many unknown variables in play to know for sure if your new venture will be a success.
In contrast, when you buy an existing business, you have the opportunity to “take a look under the hood” BEFORE buying. You can see whether or not the business you’re considering is a profitable one
When you start a new business you can’t do that – you just don’t have that luxury.
For this reason alone we at Vested Business Brokers strongly suggest that the smartest move is to buy an existing, profitable business.
Take Your Time When Buying a Business…
We encourage our buyer clients to take their time and do their due diligence before buying. Have your attorney and accountant analyze what you’re thinking of buying.
Letter of Intent…
Once you have done your due diligence and the business you’re looking at passes muster you need to move quickly. Lock up the business by doing a Letter of Intent (LOI). A Letter of Intent is a non binding document that will lock in the price and the terms of sale for your purchase of the business.
We want you to know that you don’t have to go through the business buying process on your own. We are experts in buying and selling businesses. It’s what we do…and have done more than 1000 times since 2001.
We wish you all the best and if you need help give us a call at (877) 735-5224.
“What type of business is the best one to buy?” This is a great question, and it’s one we get asked quite often a Vested Business Brokers. In this video, Vested’s owner and CEO, Nathan Goldstein reveals his process for deciding what kind of business to buy…
First of all you should always make sure the business you’re looking to buy is a PROFITABLE one. Next, you might want to consider buying a business that fits your personality, especially if you’re planning on using your specific skill-set in order to grow the business.
The “SWOT” Analysis
Before buying a business for sale you should always do what’s called a SWOT Analysis, which stands for:
By understanding and analyzing a potential business to this degree you will be in a better position to make the right decision when buying a business for sale.
At Vested Business Brokers we help business buyers do their SWOT Analysis. If you’re looking to buy a business give us a call at (877) 735-5224 today to speak with one of our experienced business brokers.