Nathan Goldstein giving some of his best tips on how to become an entrepreneur.
How To Search For A Business To Buy
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Category Archives: Buying a Business
Business Buying Strategies – Talk to the Business Seller
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.
What are the Benefits of Buying an “Absentee Run” Business?
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:
- car washes,
- laundromats,
- etc…
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:
- the accounting,
- the bookkeeping,
- the ordering for the business,
- managing the schedule for the business,
- etc…
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.
Attend the Small Business Expo in NYC
Attention all small business owners and people who want to own a small business…There’s a great event that will be taking place on May 10, 2012 at the Penn Plaza Pavilion in NYC. It’s the Small Business Expo and you HAVE to attend!
Here are some of the things you’ll learn when you attend the Expo…
- How to Market Your Small Business Online
- The Importance of Having Effective Collateral Material
- How to Get Higher Rankings in the Search Engines
- How to Create an Effective Business Plan
- How to Finance Your Business
- How to Insure Your Business
All of this knowledge will be in ONE place on May 10th 2012! Our team at Vested Business Brokers will be there and so should you.
Vested Business Brokers at the Small Business Administration
Vested Business Brokers owner and CEO, Nathan Goldstein, recently spoke before a group of entrepreneurs at the Small Business Administration (SBA). This lecture is offered in 4 parts in the videos below…
Topics discussed in Part 1:
- The importance of loving what you do
- The factors to look for when buying a business
- Advantages to owning your own business
- The step-by-step process of finding, negotiating, and buying a business
Topics discussed in Part 2:
- The importance of sellers being honest and accurate with buyers
- The due diligence process
- The importance of keeping good books and records in business
- The value of business scalability
- The concept of multiples and how it effects the sales value of a business
- What is owner’s discretionary cash flow?
- Why absentee businesses sell at higher multiples?
Topics discussed in Part 3:
- How to finance the purchase of a business through the SBA or through seller financing
- Why you should hire a forensic accountant when buying a business
- The art of making a deal
- Who pays the broker’s fee
Topics discussed in Part 4:
- Advice on how to proceed through the business buying process
- A creative way to keep the seller “honest”
- How to get brokers to compete for your business
- The importance of being a prepared buyer
- The “Letter of Intent” and the “No Shop” clause
- Your most important adviser
- How to spot a bad deal
If you need more information on buying a business and/or you want to know more about the businesses for sale in the Vested Business Brokers’ database please feel free to call us at (877) 735-5224.