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Buying Auto Insurance (part 3 of 4)
Continued from part 3 Insurance Company Advertisements Deceive (part 3 of 4) If some of the millions of dollars spent on advertising auto insurance would be devoted to fair payment of injured insured's' own claims against their own company, we...
Earn $250,000 Annual Income In The Multi-Billion Dollar Self-Improvement Industry
Wealthy and ambitious people of the world often have attributed some "indescribable secret" as the key to their success. People who desire to attain success in their own lives have spent, and will continue to spend, millions of dollars to...
Eight Ways to Consolidate Debt
Next to winning the lottery, a debt consolidation loan is a debtor’s dream. With one monthly payment and a fixed monthly payment schedule, you can actually see an end to those monthly payments.
In reality, consolidating bills isn’t always...
Mortgage Prepayment Penalties - Just Say No
One of the most common terms found in a new home loan is a prepayment penalty. This type of penalty says that if the borrower pays off the loan early, commonly during the first five years of the loan, then the borrower will be responsible for...
Negotiating to Buy a New Car the Easy Way
Do you hate the thought of buying a new car because of the struggle you have to go through negotiating with the dealership? Relax. Negotiating to buy a new car is easy. Sure their sales people receive negotiation training, but you have the upper...
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Buying a Business
Start thinking about buying an established business if you want
to avoid the immense risks involved in starting one. Not
everyone wants to start a business from scratch, and buying a
business with the infrastructure in place lets you focus on
building it up, as opposed to getting a new business off the
ground. This is not to say that it's easy to buy an existing
business; it's a fairly complicated process throughout which you
need to know exactly what you're doing. First off, decide that
you do want to buy before you begin your research. This way you
will look at options more carefully. A particular business may
not be exactly what you're looking for, but if you're sure that
you do want to buy, then you won't brush it off immediately,
without first considering how you might grow with it. Business
Broker's deals with a wide range of businesses and will surely
help you make up your mind quickly. Talk to the people in your
life who are likely to be affected by the venture. Let them know
the hours that you are likely to have to work and the risks
involved. You might need their support if you initially go
through a rough patch. Using a Broker It would be more prudent
to use the services of a broker in buying your business. All the
important groundwork in terms of research would already have
been done. And, you can focus on finalizing the deal. A broker
will handle all those complicated negotiations which you may
just find too much to handle. And, when things turn unpleasant
you can leave it all to your broker. Brokers are supposed to
have systems in place to take care of deals. The sale is usually
a time of some stress for both the buyer and the seller, so
having someone to put everything together and take care of the
paperwork is very helpful. You will appreciate a broker's
services as it will allow you to concentrate on getting a
worthwhile deal, and not have to worry about whether all the
documents -and there are a lot of them- are in order. Of course,
your broker will charge you a substantial commission, but it
will all be worthwhile if you get the deal you want. Business
Essentials Once you figure out your particular area of interest,
think about the size of the business that you want to buy, the
location of prospective sellers etc. Know your financial
resources so that you don't waste time looking at businesses
that are beyond your reach, even if you have always fantasized
about being a ship-builder. Identify your strengths. Are you
good at sales? Operations? Look out for a business that is in a
position to benefit from your particular strengths. Once you've
identified a business that you want to buy, make contact with
the seller but hire professionals i.e. accountants, attorneys,
etc. to take care of different aspects of the purchase. Allow
yourself a gut instinct about the seller and the business. Feel
free to ask why they want to sell the business, and evaluate
your decision based on their reasons. It might just reassure you
that you should go ahead with the deal. Company Valuation There
are many methods of valuing a company, and it is up to the
seller to decide how to go about it. Make sure the price is a
fair representation of how valuable the company is likely to be
to you. It is obviously disadvantageous to you if a
non-performing company that is heavy in assets is priced based
on the net value of its assets. The asking price is negotiable.
Even in a situation where the seller is firm on her price,
enquire as to the method of valuation and challenge it if you
think it leaves you with an unfair deal. While negotiating, be
prepared to challenge the seller with facts and statistics. Find
out what specific concerns the seller has about the deal, and
address them. Be sensitive to the fact that selling a business
can be an emotional process but at the same time make sure that
you don't end up paying for its sentimental value.
Financing the
Deal To finance the deal, seller financing is probably the best
option available to you. You won't get a bank loan without
offering 100% collateral. The Small Business Administration does
offer some financing but only for deals that meet a strict set
of criteria. The good thing about seller financing is that it
shows that the seller is being serious and honest about the
deal, and is not trying to offload an ailing business onto you.
It shows that he has enough faith in the business he is selling
to share the risk involved in running it with you. There's no
better way to be sure that a business is really worth buying.
Seller financing also allows for far greater flexibility than
any other kind of financing. Most people who start looking for a
business to buy never actually end up buying. If your first deal
doesn't come through, don't let it deter you from looking for
other businesses. Learn from the experience and use it to
sharpen your skills so that the next time around, you know
exactly what you want and how to go about getting it. Services
1. Initial Consultation - You will have a one-on-one via phone
or in person with a broker in your area to discuss all of your
questions and concerns regarding the business buying process.
Our brokers are trained to help you with business concerns as
well as personal concerns. We realize that this is not only a
financial decision, but a lifestyle decision as well. 2. Buyer
Profile - Once all of your concerns have been addressed and you
have signed a buyer registration agreement, your Business Broker
will create a buyer profile by which he/she can search for the
exact type of business you are looking for. 3. Viewing Listings
- Once we have entered your criteria into our database, our
computer will generate matches. Your professional business
broker will then go with you to take a look at the listing and
address any questions you may have. 4. Offer To Purchase - If
one of these businesses fits what you are looking for and you
have had a chance to think about making an offer (sometimes you
may have to make several visits to the business to be certain),
your broker will help you fill out an offer sheet. This sheet
details the price and terms at which you would like to purchase
the business. Here the experience of your broker will help you
in making the best offer. 5. Due Diligence - Once the offer has
been accepted, the buyer conducts a period of research on the
business. Basically, due diligence is the process by which you
work with the seller to verify the financials of the business as
well as a period in which you learn the inner workings of the
business. This process typically takes two weeks. A buyer may
want to bring in his/her attorney or CPA to help during this
phase of the purchase. Your broker will be available to assist
you in the due diligence process in every way. 6. Contract &
Closing - Following a successful due diligence period in which
all of your concerns have been addressed, a contract will be
drawn up between yourself and the seller of the business.
Typically this is done between your attorney and that of the
seller. If the contract meets all contingencies you have set
forth, it can be signed and a closing date set. At closing, the
business will officially change hands and you will have
completed the buying process. Keep in mind that our brokers are
here for you every step of the way to ensure that you are making
informed decisions.
About the author:
Matt Bacak became "#1 Best Selling Author" in just a few short
hours. Recent Entrepreneur Magazine's e-Biz radio show host is
turning Authors, Speakers, and Experts into Overnight Success
Stories. Discover The Secrets To Unleash The Powerful Promoter
In You! Sign up for Matt Bacak's Promoting Tips Ezine ($100
value) just visit his website at http://www.powerfulpromoter.com
or http://promotingtips.com
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