Buying a business is no small task. You want to make sure this process is handled by the right people in the right manner. The business brokers at NJ Broker Plus are here to guide you through the entire process.
There are many things to consider when you are buying a business:
1. Ask Yourself Questions
Buying a business is an important decision. Think about:
- What is your lifestyle like? What types of businesses suit it?
- Are there any geography requirements?
- What size business am I looking for?
- What industry / type?
- Budget parameters? What’s my down payment? Will I need financing?
2. Seek the guidance of a Business Broker- give one of our brokers a call and we will help you through the decision-making process including what business is right for you to buy.
Once you have spoken with us, take it a step further and work with us. We will be able to find out information you may have never found otherwise prior to the purchase. We will prescreen the business for you and negotiate the terms of the sale.
3. Build a Team
Once you’ve found a suitable business and your offer has been accepted, now is the time to hire an attorney who will represent you in the business sale transaction.
4. Look into Funding Options (if needed)
When you have settled on the purchase price of the business now is the time to look into funding options:
- Seller financing: The buyer signs a promissory note with the seller. In other words the seller handles the lending process instead of a financial institution.
- SBA / Business loan: A loan from the bank to buy the business.
The team at NJ Broker Plus will work with you to ensure you are purchasing the best and most profitable business suitable for you!
As we mentioned there is a lot that goes into the process of buying a business. You do not want to make a purchase that you will regret in the future, so contact us today!
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