When buying a business there is certain factors that are important when looking for suitable businesses.
In a past blog Why You Should Be Your Own Boss we outlined that a good reason to work for yourself is the possibility of no commute, or a quicker commute. Therefore, location is a major factor for many people, they may be looking for a business close to home so they don’t need to commute far. Also some locations are sort after, if your business is location in a prime position (for example a cafe on the high street) then make this known in your sales particulars!
Due to the economy, many people are looking for a good deal. If a business is priced too high it may never get any interest. Price the business right, especially taking into consideration the state of the economy.
For many people the prospect of buying a business is purely for monetary gain. Therefore the businesses turnover is a key aspect people look for when buying a business, if your turnover isn’t the best, is there specific reasons for this? And can you sort them out? A business with a healthy turnover is always more appealing.
For certain businesses assets are worth majority of the business, for example a business with a lot of equipment will be asset rich, if your business is asset rich make sure you make this clear.
Potential for Growth
When someone buys a business, they usually look at how the business can grow and how they can improve. Does the business have room to grow or is the industry slowing down?
All these factors are important, but what is the most important factor?