If you’re a Salt Lake City investor or multi-business owner, finding legitimate pathways to information about the businesses for sale in your area is important. Founders or current owners may sell their businesses for a variety of reasons and at a variety of times, and they will be looking to find the right buyer – how do you get in front of sellers for ideal businesses?
At Utah Business Consultants, we’re here to help. Our business brokers have assisted numerous Utah clients with the identification and eventual acquisition of viable businesses in Salt Lake City and several surrounding areas, with services ranging from structural expertise and deal writing to assistance with buyer financing and many other areas. In this two-part blog series, we’ll go over the general steps to locating and identifying ideal businesses for sale in your area, plus how to wade through the process of acquiring one.
What Are You Looking For?
First and foremost, you should have a clear idea of what you’re looking for in a business. This encompasses several areas:
- Business location: Are you only interested in businesses in your local area, or would you consider moving? In other cases, you might consider a business that’s not nailed down to a specific location.
- Industry: Which industry or industries are you looking in? Are you going for areas where you already have extensive experience, or looking in a new area?
- Business size: Are you more interested in a smaller, family-run business or looking at a larger enterprise? Both come with benefits and drawbacks.
- General lifestyle: Are you the type who is okay with working long hours and traveling a lot, or do you prefer a traditional work schedule? This may have a real impact on the businesses you look into.
Once you have a clear idea of your needs and desires in a business, it’s time to get the lay of the land in terms of what’s available. For many, this process begins by putting out personal feelers – do you have friends or business associates who might be selling, or know people who are? Are you currently working for a small business whose owners might look to sell?
From here, you can move toward business contacts and, eventually, online research. Our team will direct you toward the ideal online resources if you move to this point.
Speaking of our team, there’s enormous value in working with a business broker as part of this process. We have decades of experience helping qualified buyers get matched up with ideal businesses, plus with negotiating terms and ensuring you’re getting a good deal. Call us today to learn about any of our services for those looking to buy a business.
For more on this or any of our business brokerage services in Salt Lake City, speak to the staff at Utah Business Consultants today.