Say that you are an expert in your field and are looking to expand. Purchasing an existing company may be the right direction for someone in this position. Or perhaps the competition is a smaller business that is beating your company in some aspects but not all (maybe they have a great online presence, while you have a better product quality). In this case, it may be of best interest to purchase the smaller company and move into one super-business.
The first step of buying a business is to create a list of potential business sellers. The best way to begin building this list is to establish how much you are willing to spend. You cannot buy out McDonald’s on a small business budget. Make a list of businesses that you are interested in contacting and ask to learn more about them. You can find businesses for sale in newspapers and at business brokerages.
Once you have created the list of potential business sellers, it is time to contact them. Use the telephone rather than email, if possible. People are much more responsive if you catch them on the phone, whereas they can simply delete an email that they find uninteresting.
If you're finding it difficult to create a list of potential sellers to acquire a business, contact George & Company for further assistance.
