Going into business for yourself is a big step, one that can be full of apprehension and even fear. Almost 90 percent of all those who buy a small business have never owned a business. Most of them bought a business that was different than what they had been looking for. These buyers had the opportunity to explore the marketplace and subsequently found a business more to their liking. In most cases, the seller financed the business sale.
As you begin your business for sale search, keep in mind that running your own business is more than a job; it is a lifestyle change. In most cases, it is a very big lifestyle change. Usually, you will be working longer hours, making all of the decisions, and as the expression goes, “you will be the chief cook and bottle washer.” In other words, you will be doing all of the work from running the business to, in many cases, sweeping the floor and changing the light bulbs.
Most buyers are seeking to obtain the following when considering buying a business:
- Pride in the service or the product
- Control of own destiny
- Customer and employee contact