This is the beginning of a 5 step self-guided tutorial for business buyers. If you prefer to
bypass these steps and would like to schedule a free consultation and evaluation, just click here to contact us directly.
Maybe you have bought and sold businesses before and are looking for a new opportunity. Perhaps it’s just a thought in the back of your mind that “someday” you will buy a business, become your own boss, and you wonder what it will take to get there. Or maybe you’re at a transitional moment in your career and buying a business that gives you independence seems like a better long-term option than looking for another job.
Whatever your situation, there’s a lot to know about the process of buying a business. Have you stopped to ask yourself why you want to buy a business? Because we want to be a resource to people considering buying a business in Arizona, we have prepared this section that walks you, step by step, through the process of buying a business and tries to answer your questions along the way. As always, we’re just a phone call away if you want to discuss any aspect of buying a business in Tucson or Southern Arizona.
If you’ve started to think about buying a business, it’s important to ask yourself just how serious your interest really is. Small business ownership is not for everyone and before you move forward in the process it’s important to be honest with yourself and others about what is motivating your decision. It’s time to start asking yourself some important questions.Step One Questionnaire Download the questionnaire for Step 1 of 5: “Do You Really Want To Buy A Business, or Are You Just Dreaming?"
If you are here, it should mean that you have asked yourself the tough questions about whether or not you really want to buy a business and answered “yes.” Keep in mind, however, that even if your motivation to buy a business is sincere and well-founded, in the end the business you ultimately purchase will be a function of what you can afford to buy.
That brings us to another round of important questions. Can you really afford to buy a business? As you consider buying a business, it’s important to be aware of the different factors that will play a role in determining your ability to buy a business and to be honest with yourself about whether or not you meet these criteria.Step Two Questionnaire Download the questionnaire for Step 2 of 5: “What can you afford to buy?"
So you want to buy a business in Tucson and you are confident than you can afford to? If you have not completed Steps One & Two, or are not sure about your answers to those questions, please return to Step 1 & 2 now before proceeding.
Keep in mind, however, that even if you can afford to and genuinely desire to buy a business, that not every business in your price range will be an appropriate match for you. In this section it is time to match your skills, abilities and past professional experiences with the kinds of businesses that you are most likely to succeed in.Step Three Questionnaire Download the questionnaire for Step 3 of 5: “What should I buy?"
In Steps 2 & 3, we looked at what you could afford to buy, and the kinds of businesses that would make a good match for your skills, abilities and past professional experiences.
Now, let’s refer to the Step 3 Questionnaire “Matching Your Skills & Experience With Available Businesses.” What did you learn? What industries do you have past experience with? What industries are of interest to you, and you believe you could succeed in based upon your transferable skills? Did an honest evaluation and reflection uncover areas of opportunity to focus on in your search for suitable businesses in your price range?
If you’re like other potential buyers, you found at least several areas of opportunity. And that’s exactly why we are going through this process. It is far better to discover these opportunities now and cast a wider net as we search for potential opportunities that fit your criteria. We can always narrow the list down later.
Working with a business broker can help in identifying businesses that meet your criteria. Business Brokers have a lot of experience with a variety of businesses and can help guide your decision making process.
Then, if you’re ready, Click here to schedule a Free & Confidential Buyer Consultation to get professional advice on how to continue moving forward in the process of buying a business.
In Steps 3 & 4, we reviewed the types of business that could possibly be a good match for your skills, abilities and past professional experiences and discussed the valuable role that a professional business broker can play in helping you find a business for sale in Tucson that closely matches your purchase criteria.
By now you should have completed an initial Buyer Consultation with one of our experienced brokers in order to learn about the role of a business broker and answer your questions about anything that came up during Steps 1-4.
You should also have completed the questionnaires from Steps 1-3, and have those available for reference. If you have not, please return to those prior steps in the process and complete them before continuing.
Are you really ready to buy a business?
What did you learn about the role of a business broker?
Are you ready to move forward to make an offer on a business that is listed for sale?
If so, and if you’re like most potential buyers, you will benefit from gaining a much more detailed understanding of the steps in the process; from making an offer on a business for sale all the way through to closing the deal.
Click here to contact us and schedule a Free & Confidential Buyer “Making An Offer” Consultation to review in detail what to expect during the process of negotiating the purchase of the business you are interested in.
“At any time, but particularly now, there are a good number of distressed businesses for sale. Could buying one and turning it around be the opportunity of a lifetime? Maybe.”
Throughout our Buyer’s Section we reviewed the types of business that could possibly be a good match for your skills, abilities and past professional experiences, and discussed the valuable role that a professional business broker can play in helping you find a business for sale in Tucson that closely matches your purchase criteria. But until now, you may not have considered the possibility of buying a distressed business. We think you should.
As for your thought process about the industry, business and the match with your skills, there is nothing fundamentally different about buying a distressed business. After all, distressed businesses are just like any other similar business except for the fact that they may:
● have lost money for several consecutive years
● be carrying a considerable amount of debt
● show a seriously declining sales trend
● be in an industry that is facing a fundamental challenge
But none of these versus means that a distressed business is not salvageable. The way a business has been managed vs its underlying potential are two different questions entirely. Even declining industries are full of winning firms. In fact, what a distressed business often needs more than anything is energy and a new set of eyes, which is exactly what you as a new buyer would bring.
Buying a distressed business could be a unique opportunity to acquire an otherwise promising business under special circumstances through working with a business broker and a motivated and cooperative seller. While you may be building on a less established base, your potential upside is the same and your return even greater.
By now, you should have completed an initial Buyer Consultation with one of our experienced brokers, in order to learn about the role of a business broker and answer your questions about anything that came up during Steps 1-4. You should also have completed the questionnaires from Steps 1-3, and have those available for reference. If you have not, please return to those prior steps in the process and complete them before continuing.
If you are really ready to buy a business then you may be just as ready to consider the alternative of a distressed business. In order to get a better handle on what some of the differences are between distressed businesses and other similar businesses, and the process of acquiring one, schedule a consultation today with one of our experienced brokers to go over the details.
Just complete the form below, and one of our brokers will contact you shortly to schedule your confidential and free consultation.