For additional information about the buying process, please see our frequently asked buyer questions below.

What are the key motivators for people going into business for themselves?

There are many motivating factors why people choose to go into business for themselves. But the ones that come up most often are the following:

To do my own thing, control my own destiny
Don’t want to work for someone else
To better use of my skills and talents
To make money

While money is a key motivator, it’s important to realize it may not always be the top factors.

Why should I buy a business instead of starting a business?

An existing business has a track record. The failure rate in small business is largely in the start-up phase. The existing small business for sale has demonstrated that there is a need for that product or service in a particular locale. Financial records are available along with other information on the business. Most sellers will stay and train a new owner and most will also supply financing. Finding someone who will teach you the intricacies of running a business and who is also willing to finance part of the sale can make all the difference to your success.

What should I be looking for in a business?

You want to consider only those businesses for sale that you would feel comfortable owning and operating. "Pride of Ownership" is an important ingredient for success. You also want to consider only those businesses for sale that you can afford with the cash you have available. In addition, the business you buy must be able to supply you with enough income - after making payments on it - to pay your bills. However, you should look at a business for sale with an eye toward what you can do with it - how you can improve it and make it more productive and profitable. There is an old adage advising that you shouldn't buy a business unless you feel you can do better than the present owner. Everyone has seen examples of a business that needs improvement in order to thrive, and a new owner comes in and does just that. Conversely, there are also cases where a new owner takes over a very successful business and not soon after, it either closes or is sold. It all depends on you!

When should I get started looking for a business?

You should start looking for a business as soon as you are positive that becoming a business owner is what you want to do. There are several factors that are involved in being able to buy a business including your personal financial statement, cash available for a down payment, personal credit history, work history and experience and overall motivation. But if you are confident that this is a step you are ready to take and have the ability to execute once you find a business, then now is the best time to start. It can take anywhere from a few months to 2 years to find the business that fits most of your criteria. And solid business opportunities don’t last on the market for long. The sooner you start looking, the sooner you can find your business.

How long will it take to find a business?

Every business search is different. No one can tell you exactly how long it will take to find a business, but it can take anywhere from a few months to a few years. A lot depends on the search criteria, industry and geography that you are searching. Also having the ability to quickly analyze a deal and act plays a major part in how long it takes. The solid businesses don’t last on the market long. And more experienced investors often have the resources to move on a deal quickly.

What do I need in order to buy a business?

When should I hire attorneys and other advisors?

It may be advisable to have an attorney review the legal documents. It is important, however, that the attorney you hire is familiar with the process of buying a business and has the time available to handle the paperwork on a timely basis. If the attorney does not have experience in handling business sales, you may be paying for the attorney’s education. Most business brokers have lists of attorneys who are familiar with the business buying process. An experienced attorney can be of real assistance in making sure that all of the details are handled properly. Business brokers are not qualified to give legal advice.

However, keep in mind that many attorneys are not qualified to give business advice. Your attorney will be, and should be, looking after your interests; however, you need to remember that the seller’s interests must also be considered. If the attorney goes too far in trying to protect your interests, the seller’s attorney will instruct his or her client not to proceed. The transaction must be fair for all parties. The attorney works for you, and you must have a say in how everything is done.

An experienced business broker can recommend a qualified attorney as well as other advisors you may need along the way.

What steps can I take to avoid or reduce the risk of buying a business?

There will always be some risk associated with buying a business. But there are ways to reduce your risk as much as possible. The key is research. Your goal is to know as much as possible about the business and the people in that business. Having a person who understands the due diligence process and all the rocks to look under can greatly reduce your overall risk. Being able to verify all the assumptions made throughout the process and check the financials against the tax returns can give you and understanding and comfort level with what is going on with the business. Understanding the industry, should give you an comfort level with what is going on outside of the business.

How can I get assistance in obtaining financing?

Confidentiality in dealing with internal personnel and external sources is h3ly encouraged and is critical to achieve a successful transaction. For the Seller’s protection, The Vant Group requires a Buyer’s Confidentiality Agreement to be signed by the potential buyer before the release of the Business Memorandum.

Why do I have to sign a confidentiality agreement?

Sellers are very concerned about confidentiality because of fear of losing customer, losing employees, general uncertainty and actions taken by competitors. Therefore, as a potential buyer, you must treat confidentiality seriously. Buyers should not talk to employees, clients, suppliers, or competitors without written approval from the seller. Maintaining confidentiality is also advantageous to the buyer because a smooth transition without problems is good for business.