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What You Need to Know About Buying a Business

Image of business people shaking hands and celebrating that an agreement has been reached

 

First and foremost, you need to be ready to own a business. Meeting the financial and time commitments of business ownership are critical. Beyond that, there are a few important factors that you should consider.

What’s Your Motivation?

Freedom, income and legacy are all common reasons a person might wish to own their own business. Every Buyer is unique, and you likely possess a variety of motivating factors. A First Choice Business Broker can help you better understand your own motivations to help you start your search on the strongest footing.

How Much Can You Invest?

The next step is to determine exactly how much you’re capable of investing. This could be a self-funded endeavor, and our Business Brokers can help you understand the details regarding your accounts and tax responsibilities when buying a business. Or, you may wish to find financing for your purchase.

Loans may be available for business purchases and some Sellers even offer financing themselves as long as the Buyer provides a percentage of the purchase price as a down payment. Our trained and experienced Business Brokers will walk you through your funding options and can even direct you to lenders who may be able to help you secure funding for your business purchase.

What Industries Interest You?

We’ll ask you a series of questions to get the scoop on exactly what you’re looking for, then we’ll show you info on a variety of different businesses. Your Business Broker may even show you businesses you’ve never heard of. We have a large list of businesses for sale, so your Business Broker will have plenty of options to put before you.

What Steps Should You Take?

Before anything else, your first step to buying a business should be contacting First Choice Business Brokers. We’ll utilize our extensive experience to help you find the right business for you. 

By examining and understanding your motivations, evaluating your available funds and narrowing down your list of choices, First Choice Business Brokers will put you on the fast track to business ownership.

Another important step is reading all about the Business Buying ProcessThat will put you in the perfect position to meet with your Business Broker and get the search for your new business, and your new entrepreneurial future, started.