Famous first words… I want to buy a business! But the process of buying a business often ends up being more of a pain than anything else. Obviously, a business broker will tell you to get a business broker. Will they tell you why? We will!
The process of purchasing your first business as a first time business buyer can be quite exhausting. It’s been shown that 90% of business buyers end up giving up their dream of buying a business after spending a lot of time and money looking for the perfect and ideal opportunity. Most business buyers lack the skills in selecting a great business opportunity and often won’t spend the time understanding their own strengths and preferences in business. New business owners can only become successful if they are passionate about their activities and management of the new business.
Some buyers are a little more dedicated and will set up a process when trying to purchase an already existing business. Motivated buyers do their homework before starting the process. They will do detailed research and learn about purchasing a profitable business and how to know if it’s profitable. Most research is very time consuming and it remains a theory. A lot of the research and articles out there are about conducting purchases in the United States which limits knowledge of the Canadian marketplace.
The lack of personal and practical experience in buying a business can cost a of time and money to potential business buyers. Some will spend time and money looking for the perfect opportunity and the ‘I want to buy a business’ becomes so costly that it would have been more constructive for them to earn their high wages at their regular job.
Need help deciding on the perfect opportunity? Reach out to us!