Where Do I Look to Find a Business?
There are many sources for finding businesses. Regardless of the source, be aware of the fact that a number of these businesses may be sold because they could be experiencing financial problems that might not be that apparent during the initial stages. Other businesses may be offered at prices that are not in line with the market. Be prepared!
There are a number of different sources for finding businesses:
Advertisements, The Newspapers - Finding a business for sale in almost any field is usually not very hard. All you need to do is look in the classified ad section in most local and regional newspapers, and you will find plenty for sale. Even newspapers such as the Wall Street Journal and the New York Times are other excellent sources.
Business Brokers - Often, when you respond to a business ad offered for sale, it may be offered by a business intermediary or business broker, rather than the actual owner. Business brokers, who usually represent the sellers of a business, receive a commission equal to about 10 percent of the sales price.
They are very good sources to contact in your search for a business. Of course, in representing the seller, they will be seeking to maximize the sale price. The seller may also tend to ask a bit more if the broker will be collecting 10 percent. You may also seek the advice of a business broker if you find your own seller. The business broker can then be your representative. Unlike accountants and real estate agents, most astute business brokers have a very good sense of what small businesses are selling for since selling businesses is their profession.