My husband and I want to get out of working for others and work for ourselves. We’ve looked at businesses online for months and have gotten info on a few. Our problem is we do not know how to proceed from there!! It’s like we get that far and then deer in the headlights. I keep looking for someone to hire that vets the business for us and tells us honestly how to proceed and if it is worth it. Is there someone/ a profession of people that do that? I know about brokers, but I am thinking someone before that. Like a consultant type role you can hire? A professional for buying businesses for dummies type thing? Someone who helps us move from the interest phase to the next. Any advice would be greatly appreciated! Thank you
Hello, I can help! Let’s have a chat!
Serial Entrepreneur here. DM me. I might be able to help.
In what industries are your businesses? More traditional type of businesses or tech?
From running my own in services, tech and retail, I have helped my friends and family setup restaurants, online retail stores and manufacturing businesses.
Serial entrepreneur here… Buying a business is a bit of an interesting process because you need to find a place where your skill set can match with a company in a way that enables growth.
IMO business brokers can help you evaluate things but realistically what matters is your own knowledge of the market and what it takes to grow
Beyond that you need to know the difference between buying a job and buying a business. For example let’s say someone has a pressure washing company and the owners do 90% of the work. That would be buying a job because you need to step in and provide the value.
Let’s say that the pressure washing business has 5 full time salary employees, lots of re occuring contracts and systems for marketing and scheduling. That’s a business… Something that can actually stand on its own and give would let you focus on growth.
But as mentioned above you also need to consider your skills… Ie of you bought the business how could you grow it and fast, what could you do better then the existing management…etc
Because generally speaking unless the business has some type of unique position in the market, a heavily established brand or some other type of unique asset it will usually be better to start your own.
For example I own a hot tub maintenance and repair company, I looked at buying another similar business to expand my own. I’ve been a growth expert in tech for years so I thought of I bought another company cheaply I could quickly expand my business.
In short after running the numbers I figured I’d be better off spending 1/20th the price on marking my existing business… So I did and we grew fast as hell… No baggage, no debt, no drama.
How did you get from growth in tech to traditional industries? Sounds like you had an interesting journey.
By the way did you implement digital tools and automations to help you grow and scale your company?
I wish I could give you the best advice but I don’t want to give anything that spoils your excitement or your dream. So I will suggest that you’ve got these experts, business consultants, or advisors like StartupYo who totally focus on helping folks navigate the whole buying a business thing. They dish out personalized advice, dig into the nitty-gritty details, and also legal formalities for you. check out StartupYo - 8886666821.
Hi, I advise that you hire a someone to help you through the process. acquiring a company require business, legal, tax and negotiation skills to avoid some of the common pitfalls. Which state are you working from?
NC
Business broker here. Consider hiring a broker by the hour for consulting.