We’ve all heard the news about the wave of boomers retiring, who may be looking to sell their businesses. I wanted to ask what resources you would use to search for businesses to buy?
I had listed both of my businesses for sale right after covid. I used a broker and she listed on several sites. I found the whole process to be disheartening. Seems like every potential buyer wanted tons of info and proof that there was lots of profit and little actual work. One buyer offered to buy it but wanted to hire me to continue to run it. Ridiculous. Seems like buyers were turned off by the fact that they would actually have to run the businesses. So my listing expired and businesses has improved and regained what was lost to covid. I have cut back on time I spend working and profit is way high these days. I can’t think of a single reason why I’d want to sell now. My broker had told me that no buyer is interested in potential. That is dumb if you ask me. When I bought the businesses I had vision and I had confidence that I could grow it. Buyers don’t have those traits. So I’ll just suck up the money and be semi retired.
I’m 64 and have a wholesale business that I run by myself. I have been in business for over 40 years. I make deliveries, load and unload trucks, take care of the warehouse inventory and do the bookkeeping. I have had a few offers but no one wants to work that hard. I’m probably just going to close one day
I bought mine on bizbuysell.com
And? How long has it been and how have things gone since
Use caution with brokers. All of the ones that I have found know what they are selling is garbage but will do or say anything to get the deal done. They are essentially the dirty used car salesmen we have all heard about.
Business broker here.
There are several strong listing sites. BizBuySell, BizQuest, and LoopNet are part of the same company. Together they show the majority of businesses listed for sale in the US.
After you identify a few categories of businesses that interest you, I recommend adding direct prospecting to your search. Letter, emails, and calls to the owners can get you in front of opportunities before they go to market.
Are you aware of similar sites for Canada?