- Don’t think that buying your own business will make your life easier by freeing you from “working for the man,” because in a small business, you’ll likely face a more emotionally demanding load than you did when were working for someone else.
- Know that in the first few years of ownership, especially if you’re front-loading your business improvement efforts, you will rarely hear the words “excess” and “cash” in the same sentence.
- If you’re now considered a “Super Worker” employee, that won’t necessarily make running a business easier for you. In fact, it can be more difficult for Super Workers to delegate, and delegation is necessary if you want a company to thrive without killing you in the process.
- You don’t need to have a big wad of cash to buy a small business, although it doesn’t hurt. You may be able to obtain a loan through the SBA, and more small business owners than not are willing to take a down payment and carry the paper for the balance of the money owed.
- Get your personal fiscal world in order, because that information will be needed to qualify for a loan, plus sellers will be looking for proof that you can make a go of it before they open their doors to you. Visit your bank and find out how large a loan you might be able to get. We have an excellent business banker who’s supported by a very active and aggressive SBA group.
- Make a list of the kinds of companies that interest you so you’re not flying blind when you decide to take action. Research. Do some secret shopping. Check out business niches online. Find others further down this road than you are and take them out for coffee or a beer. Pick their brains about their journeys and processes.
- We ask serious buyers for a resume, something we provide sellers so they can see from your work and life experience that you would make a good business owner, so consider having one on hand. Owners care that their companies continue after they’re gone, and that long-term employees will have a decent boss.
- Talk to your accountant. If you don’t have one, find one. Don’t wait until you have a deal put together to find a good business accountant.
- Find a lawyer. If you don’t have a good business lawyer, we can refer you to one.
- Call The Quincy Group. We’ll provide you with an hour’s consultation at no cost.