The first step in locating a business to buy is to decide what type of work you are interested in and what you are definitely not interested in. This makes the first step, going out in the world and making very complete lists of possible kinds of businesses available to you. Do not put owning a scuba diving shop on the list if you do not swim.
The internet is a good place to start. The business to business yellow pages directory online is a good place to start. Everything is listed online.
After you have made your personalized complete list of all types of possible businesses, pick one that looks interesting and learn all about it on the web, and talking to that type of business owner. When you realize that it is not for you drop it and pick another type from the list. Repeat this process until you find something that excites you.
Go Talk to Owners of this Type of Business
I mean a lot of owners in that type of business. Find out the pluses and minuses of this business. Is the industry dying or expanding? Next go to the business for sale websites and find every business that is in your field and review it in detail. This will further increase your knowledge.
What Would You do to Change This Business
Decide while looking at each, what you would do differently or in addition to what is currently being done to make the business more profitable. After you look at 10 of these similar businesses you will become very knowledgeable as to how to turn a lemon into lemonade.
Start making lots of offers on lots of companies, only in your chosen field. You will eventually find a business to buy, because you are not trying to buy the one with the most profit but the best buy for the money. Then you can make the company the most profitable in the industry.
Business Buying Tip
Make sure to assemble a team not of attorneys and accountants but of marketing experts, internet experts and creative thinkers, all of whom you like and can think outside the box. They call these mastermind groups. The ideas I get from talking with sharp minds helps me forget that I am 63 years and should be retiring instead of going through my most creative years. A group can’t run your business, but they can keep you creating the business continually, in your mind.
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