G&R Business Advisors

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Here are some commonly asked questions by buyers along with our responses based on our professional experience and knowledge. Why should I go to a business broker? A professional business broker can be very helpful in many ways. They can provide you with a selection of different and, in many cases, unique businesses, including many that you would not be able to find on your own. Approximately 90 percent of those who buy businesses end up with something completely different from the business they first inquired about. Business brokers can offer you a wide variety of businesses to look at and consider. Business brokers are also a great source of information when it pertains to small business and the business buying process. They are familiar with the market and can advise you about trends, pricing and what is happening locally. Your business broker will handle all the details of the business sale and will do everything possible to guide you in the right direction, including, if necessary, consulting other professionals who may be able to assist you. Our professionals are the best people to talk to about your business needs and requirements. Why should I buy a business rather than start one? An existing business has a track record. The failure rate in small business is largely in the start-up phase. The existing business 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. These last two are important considerations. Finding someone who will teach you the intricacies of running a business and who is also willing to finance the sale can make all the difference. What is the real reason people go into business for themselves? There have been many surveys taken in an attempt to answer this question. Most surveys reveal the same responses, in almost the same identical order of priority. Here are the results of a typical survey, listed in order of importance as to why someone wants to go into business for themselves. 1. To do my own thing, control my own destiny. 2. Do not want to work for someone else. 3. To better utilize my skills and abilities. 4. To make money. How are businesses priced? Generally, at the outset, a prospective seller will ask the business broker what he or she thinks the business will sell for. The business broker usually explains that a review of the financial information will be necessary before a price or a range of a price can be suggested for the business. Most sellers have some idea about what they feel their business should sell for and this is certainly taken into consideration. However, the business broker is familiar with market considerations and, by reviewing the financial records of the business, can a recommendation of what he or she feels what the market will dictate. A range is normally set with a low and a high price. The more cash demanded by the seller, the lower the selling price; the smaller the cash requirements of the seller, the higher the price.

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