At Bsale, we love to provide value to our buyers and sellers. We know that buyers can find the buying process a little daunting, which is why we’ve spent the time developing resources and providing contacts to our audience. We also thought it would be useful to share some real accounts of what it’s like going through the buying process, so you too can be well informed when the time comes.
Below is a list of questions from an anonymous business buyer that we hope sheds some light and helps you in our business buying journey.
How long have you been looking to buy a business?
About 3 years.
This is an interesting point. A lot of people don’t realise that it can take time to find the right business to buy - the same applies when selling your business, too.
What is the hardest part you have found during the process?
To be honest, receiving truthful information. I have spent thousands of dollars with accountants to get finances of businesses checked, only to find out there are large inconsistencies that are not explained in the business figures or outright lies in the numbers.
This is why we mentioned Due Diligence a lot at Bsale. We’ve seen a lot of transactions happen over the years, we it’s advised by the right professionals that this is an extremely important part of the business buying process. You can read more about due diligence here.
Have you dealt mainly with brokers or business owners?
Mainly with brokers, although that isn't my preference. It just seems to be all that is out there.
Brokers are a common way for business owners to sell their business. There are many benefits to this including their exposure, but it also helps keep the emotion out of the transaction.
Have you bought a business before?
No, this is my first time. I'm starting to feel like I should just start my own.
Are you using an accountant or lawyer when buying a business?
Yes, an accountant.
Do you intend to own and manage the business, or looking for something under management?
Good question, a bit of both really.
With any business, there are options. It’s just a matter of understanding what kind of business you’re after, how you’d like to operate the business and if this achievable in the long-run. Research and patience are paramount.
Have more questions? Check out our Biz Articles section on the website for more helpful blogs.