Q: What kind of business should I buy?
A: Ultimately, only YOU can answer this question. You already know that there's a world of possibilities out there for anyone who wants to buy a business. Try drawing up a list of your own strengths and weaknesses. What are your current skills and experiences? What experience of running a business do you already have? How much money can you invest? What are your income expectations? Is your spouse or partner on board with the idea?
Q: Why should I sign a "Confidentiality Agreement" and complete the "Buyer Questionnaire?
A: We are under instructions to protect the business seller from tire kickers and time wasters. We receive literally hundreds of requests for information on our listings every month. Did you know (based on industry statistics) that over 90% of individuals that enquire about buying a business NEVER BUY? By completing the documents as requested, you are demonstrating to us that you are serious.
Q: How long does it take to find an appropriate business?
A: This generally takes longer than one might think. The reality is that although there may be several businesses for sale, there may be very few that fit your parameters. The best advice is to be patient as well as diligent in your search.
Q: What happens when I find a business I want to buy?
A: An offer will be generated. This offer will generally be subject to your approval of the financial records, plus any other considerations - for example agreement by the landlord to assignment of the lease etc. The purpose of the offer is to see if you and the seller can agree on basic price and terms.
Q: How much training can I expect from the seller?
A: This will depend upon the nature of the business, but typically for small businesses, it is for 1 - 4 weeks and without further compensation to the seller. Larger enterprises may have much longer seller participation and will offer compensation to the seller.