Central Arkansas Business Brokers: Buying A Business

The Business Broker and You, the Buyer.

By law, I work for the person who signed the listing contract. After all, they are the folks that will be paying me.
But for me to get paid, I must have a buyer. If I do not take good care of the buyer, I will never get paid. For that reason, I make sure that buyers, including inexperienced buyers, understand all parts of the process of buying a business, and I am there to assist when needed.

All inexperienced buyers have a degree of anxiety about buying a business. It's normal, and it's part of our need for self preservation.

In a typical business purchase, you will have a list of people that are observing the deal, such as:

• Bankers
• Accountants
• Attorney
• Friends and family

The point is you are not out there alone; you will have people with a vested interest in the deal that care about you.

My responsibility to you is to provide you all the assistance necessary to complete the deal, including full disclosure at all times.

Buyers have many different reasons for wanting to own a business, such as:

• The dubious joy of working for a giant corporation.
• The need to do something of value with your life.
• To simply secure a paycheck.
• To invest your money and time and control the investments outcome yourself.
• Or just because you want to own your own business.

The types of business available to you are unlimited.

Most buyers look for an opportunity, meaning that they come to me to find a business that will interest them. Rarely does a buyer come to me with a request for a specific business; often they leave thinking about opportunities that had not occurred to them.

If you find yourself unsure about what kind of business you want, do not worry about it. You are typical in your search for a business to own. When you are introduced to the opportunity that is right for you, you will know it, as you will be able to envision yourself in that business as the owner.

Money and Your Background:

You must have enough cash to make a down payment.

You must have a background that will get the banks to listen to you and make you a loan. Background does not mean direct experience in the type of business that you are buying, but rather the skills to operate the one you are buying.