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A recent Canadian Federation of Independent Business (CFIB) study showed that more than 40 percent of small business owners want to exit their business over the next few years. Good businesses are available out there.
You will find winners by using a combination of search methods, such as reviewing business for sale ads, networking, telephoning, and others. An effective system generates about six good leads every month. Don’t give up your dream of business ownership, or settle for a loser, because your search doesn’t produce winners. Change your method.
You won’t get a good deal unless the seller has a compelling reason to sell; he will wait for another buyer to make a better offer. Your job is to increase the number of owners you meet who have a compelling reason to sell now.
Thinking of fixing a loser? According to a Northeastern University study, 80 percent of buyers thought they could improve a business’ profit. Here’s what happened: 55 percent earned less money than the former owner did; 30 percent continued to operate at the same profit or barely increased profit; 15 percent increased profit.
Turnaround specialist Sherwood Partners, which has worked with more than 100 companies, says that for every company the firm has saved, it has overseen the liquidation of roughly three others.
Buy right – you can make lots of money and enjoy the lifestyle business ownership offers!
Steven Beal, MBA, CGA, CFA, is the Principal of Beal Business Growth Consultants. www.BealConsultants.ca Steven is a business advisor to small and midsize businesses and to business buyers.
Last time, we showed you a number of creative ways to find easy money hiding in your business. We'll continue the search this time.
Financing 101
Lesson 9 11 ways to find cash hiding in your business (Part 2)
What's better than borrowing? Discovering you had the money -- or could get it -- all along. Here are more powerful -- but often overlooked -- ways you can find financing very close to home.
6. Explore related products or services
Look for economies of scale. Maybe you can add an additional service that fits in perfectly with what you're already doing -- either an added value service that can be done for little incremental effort or cost, or another service your existing customers will be prime prospects for.
A house cleaning service launched a new house sitting service and increased sales with minimal investment. A service station introduced an automotive detailing service and ramped up sales immediately.
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