5 Reasons You Should Buy a Business Now
Whether you currently own a business or are interested in owning one, now is the best time to buy a business. According to Accenture, the great wealth transfer is happening and baby boomers have already started passing along their assets for retirement. The estimations put the wealth transfer in the trillions and most of them include small to medium sized businesses. There has never been a better time!
If you’ve been in a startup, you know that operating your own business can be one of the most stressful experiences in life. What if you could take an existing business and move it up to the next level?
That’s exactly what global M&A expert Jeremy Harbour discusses and teaches at The Harbour Club. Interested? Read on to learn more!
Follow these steps and you will be on your way to a successful investment. Make sure you read this article by Jeremy Harbour.
You’re already on your way to a successful investment with these tips
Small businesses make up a large percentage of all companies operating today. The impact on the economy is tangible. Older people usually operate these. You might be wondering where the opportunity is.
The answer is a lack of succession. Older owners are coming to the stage in their lives where they want to sell up or retire, but the market is not there.
Younger entrepreneurs struggle to see the potential of these traditional businesses. In truth, some have revenues running into millions of dollars! With lower barriers to entry, the opportunity is huge!
Supply and Demand
So why is the time right now? The answer is simple. Business owners in this position don’t want to wind up their businesses or close them down. They have already spent time and energy building them up.
There is a distinct lack of interest in this type of business. This is fantastic news for us! How can we help these original entrepreneurs succeed? The solution is creating partnerships they can trust. We know that this works, it is beneficial to everyone involved. What do you have to lose?
Spend time on relationships, avoid getting into debt, and succeed!
Get into Position
Start by changing your outlook! We know that you need to sell yourself as an investor to make this work. Investors are still entrepreneurs but with a different angle! Our experience shows us that you should be attending networking events with this frame of mind. Business owners are much more likely to want to work with you as an investor.
You will move from just another buyer to a potential savior. Believe us, the quality of your connections will drastically improve!
Build Strong Relationships
People think that building relationships through social media works. You need to think again!
Rapport is the most important thing to remember here. Spend time building the relationship face to face. Older people in business are much more likely to want to work with you.
Think about it! Businesses take years to develop and hold a high degree of emotional value to their owner. Build trust and reap the rewards!
Try to work out the biggest hurdles for the owner and look for ways to overcome them
You may think that price is the most crucial part of any deal to buy a business. Of course, it is a factor, but you need to innovate your thinking to be successful.
What could be more critical? The answer to the current owner of the business is likely an emotional one, legacy!
Try to work out the biggest hurdles for the owner and look for ways to overcome them. This works as it is a great way to build trust and buy-in from the proprietor!
Everybody will say you should borrow money to invest in a business. Believe us when we say that there is no need to do it that way!
Our knowledge shows us there are many other options here. Check out deferrals, own outs, and even owner financing. You will find a much better way to progress!
There you have it! Our top 5 reasons you should buy a business now. Spend time on relationships, avoid getting into debt, and succeed!
Remember that the process is as important as the destination. Do your research and seize the opportunity. The time is now!