Timing is everything.
Buying an ongoing business provides you as the new business owner, with an immediate cash flow and an established customer base. You don’t have to build the business from scratch, you simply take over an existing, successful business (often with the present owners assistance) and make it even better.
Summit will assist you in obtaining the right financing that fits your needs . Summit has over 30 years experience in helping business owners obtain financing to acquire a business or expand a business.
Over 90% of small business purchases today are financed by the selling owners. This financing by the owners also demonstrates their confidence in the business they are selling.
Many banks are reluctant to finance business purchases because most small business attempt to minimize profits shown on income statements to reduce tax liability. As your intermediary, Summit is well versed in providing the banks with the information the banks will need and Summit has extensive working relationships with banks that do provide SBA loans and business acquisition financing.
Unlike the sale of real estate, the sale of an ongoing business is very confidential for both the seller and the prospective buyer. All inquiries and materials are held in strict confidence. Meetings are confidential and we are available after business hours and on weekends.
THINGS A BUSINESS BUYER SHOULD KNOW
Summit Business Advisors is your advocate in finding a business that you like and that you would be comfortable owning. You have a vision of being your own boss and guiding your destiny. A business must fit your vision to be successful.
In real estate it is commonly said “the three most important things a buyer should look for are location,location,location” For a business buyer, we advise that while location is very important, a good track record and management round out the three critical components of a successful business. A business with an ok location, poor track record and poor management, purchased at the right price and the right terms could become more successful with proper management, making it a good way to achieve your vision of being in business for yourself.
Many business buyers are concerned as to why the business owner wants to sell. Business owners sell for a variety of honest reasons. Besides the obvious reasons of retirement, bad health or re-location, many sellers simply tire of doing the same thing and want to move on. If it is a good business fit for you, the reason for the sale is not as important.
Finally, most businesses sell for less than the seller’s asking price. So, if it is a good business fit for you, don’t be afraid to make what you consider to be a low offer. Remember, Summit Business Advisors is a professional , well trained firm that knows how to buy a business. Whatever you do, DO use the talents of a business intermediary to represent you . Call us whenever you need assistance or have a question.