Did you know 90% of buyers never end up buying a business. This is a a staggering statistic, especially considering 50% of Canadians want to own and operate their own business one day. Why is it so few ever do?
If you are a first-time buyer who has never owned a business before, the process will overwhelm you. Lets look at the key steps to prepare for your search. And prepare for the journey of a lifetime.
#1 – Align yourself with the right people
In our North American culture, we are brought up to fit the employee mold, to never take risks and to walk the path most traveled. The media is filled with the wrong information. It is conflicting – Don’t borrow, don’t spend, don’t take any risk.
Compound the media with the limited support and unbiased advice from friends and family, many Buyers drop out of the process because of bad information and lack of support.
Who can you talk to? Find the right person to seek advice. Find the right guide through uncharted territory.
#2 – Lack of education on the process
It’s fair to say, not to many people have bought a business before. Apparently, only 10% of Buyers ever do. And in my experience as a Business Broker, these Buyers have owned and operated businesses before.
If you have never owned a business, preparation is key.
There will many life altering questions you need answers to before embarking on the journey. Pack your suitcase wisely. You will face 100 decisions that will need to made, situations that will test your commitment to your goals, and countless people will be offering their unsolicited advice along every step of the way.
Buying a business is a process. Map it out.
#3 – Determine what business is right for you before starting your search for a business
This is the most important time and stress saver for the new Buyer. “What if’s” and “maybes” do not fit with buying a business. You need to know who you are, what your skills are and where your passions lay. This will target your search to viable businesses for you. And it will keep you focused on your DESTINATION.
A typical person will spend 2 to 3 hours preparing and searching for the perfect vacation online. Preparing for the journey of a lifetime, buying a business, merits at least that much time and energy.
I promise, it will be much more enjoyable if your know where you are going.