My goal is to acquire a small business. I can grow it if it’s established, and I can turn it around if it’s languishing. I simply need the business, but I have all the expertise. How can I locate business owners who are considering selling their company or who believe that closing permanently is their only choice?
Finding a small business to buy involves hunting grounds and understanding sellers.
Hunting grounds:
- Online marketplaces like BizBuySell or Franchise Gator for existing businesses or franchises.
- Network with professionals like business brokers, accountants, and lawyers who might have inside info.
- Attend industry events or check for “For Sale” signs at local businesses.
Targeting sellers ready to exit:
- Look for businesses with outdated styles or declining sales, these owners might be open to selling.
- If you have turnaround skills, struggling businesses could be an option, but do your research carefully.