Are you looking to buy a business but you’re not sure what to look for?
EastWind can be helpful in many ways. EastWind’s Owner Tim Fawcett can provide you with a selection of unique businesses to examine and consider including many that you would not be able to find on your own. We are also an excellent source of information about small businesses and the buying process.
EastWind is familiar with the local market and can advise you about trends and pricing. Tim will handle all the details of the business sale and guide you in the right direction for what comes next.
What should I be looking For?
Can you see yourself loving it there?
Consider only businesses that you would feel comfortable owning and operating. Pride of ownership is an important ingredient for success.
Can you afford it?
Also consider only businesses that you can afford with the cash you have available. The business you buy must be able to supply you with enough income to pay your bills – after making payments on it.
Can you improve it?
Look at a business with an eye toward what you can do with it – how you can improve it and make it more productive and profitable.
I already know what kind of business I’m looking for
You may already be at the point where you know what you’re looking for. It could be to expand into a new geographic area, a new market or industry, or even something based solely on your interests. The next step is to find the right business that fits your goals.
What should I know or look for?
- How long the company has been in business
- How long the present owner has owned the business
- Why the present owner is selling
- Willingness of the seller to show financials early in the process
- Make your determinations only on the income the seller is reporting
How EastWind can help
When you’ve found the type of business you would like to purchase, EastWind will research and answer any preliminary questions you may have. Once you’re satisfied, EastWind will help you prepare an offer based on the price and terms you feel are appropriate. After the offer is presented to the seller, the seller can choose to approve, reject, or counter with his or her own offer. At this point, you will decide whether to accept the counter proposal from the seller or reject it and go on to consider other opportunities.
If you and the seller agree on a price and terms, the next step is helping you do your due diligence. Once you have checked and approved the areas of concern, the closing documents can be prepared, and your purchase can be successfully closed. Ultimately, EastWind helps take the workload off your shoulders and facilitates the buying process.
What comes next?
Try some help from our blog!
Many business owners have approached me feeling the same way you do right now. EastWind can help you plan for what comes next.