Top Four Reasons Why Buying an Existing Business May Be Smarter Than Starting One from Scratch
When people dream of becoming business owners, they often picture launching their own venture. They may picture building something from nothing, and the fulfillment of turning a concept into a company. While exciting, this path comes with plenty of hurdles, which include creating brand awareness, finding customers, hiring a team, and generating consistent income. Keep in mind, launching your...Read More
Key Considerations Before Buying a Business
When considering the purchase of a business, asking the right questions is essential. Whether you’re a first-time buyer or a seasoned entrepreneur, you’ll want to avoid unpleasant surprises down the line. One way to do that is to be proactive and diligent when you’re making your evaluations. Below are some critical areas to explore before signing any agreements. First, it’s important to...Read More
Unlocking Your Potential Through Business Ownership
As a business owner, you gain freedom and the potential to earn more than you might otherwise earn. If you are ready to tackle the hard work involved in business ownership, you may be prepared to take the next step. Two main advantages to being a business owner include forging ahead with more freedom and also boosting your income. However, you must be prepared to take some risks. Grow Your...Read More
Strategic Negotiation: Essential Tactics for Deal Success
Negotiation can evoke a range of feelings: some people thrive on it, others dread it, and many fall somewhere in between. Regardless of your stance, the ultimate goal remains the same: to emerge successfully from the negotiation. Mastering effective negotiation methods and tactics can give you an edge where others might falter. The objective is to close deals effectively. Here are three...Read More
Why Business Brokerage Professionals Use Term Sheets
Term sheets are invaluable in that they can serve as a point of orientation during negotiations. Thanks to term sheets it is possible to keep everyone involved, focused and on target. What is a Term Sheet? These nonbinding agreements detail the basic terms and conditions of a deal. It is different from a legally binding agreement, so it is often misunderstood by buyers and sellers....Read More
Navigating Due Diligence: Essential Steps for Successful Business Transactions
There is no denying the satisfaction that comes with obtaining a signed letter of intent from both the buyer and seller. However, it’s crucial to recognize that due diligence has yet to be completed. No deal is final until the seller undergoes this process and commits to proceeding. In Stanley Foster Reed’s insightful book, The Art of M&A, Reed emphasizes that the goal of due diligence...Read More
Why Should You Buy an Established Business?
A pre-existing business is a proven commodity. A new business, regardless of how great your idea may be, will always have a future that is uncertain. You can hire many consultants and plan meticulously. Yet, even with the best ideas and most experienced consultants, your newly minted business could still quickly fail. A business with a long track record of success provides you with a degree...Read More
How Business Owners Can Leverage AI
Artificial Intelligence has certainly received more than a bit of attention in the last two years. It’s no wonder that many business owners wonder how best to use this tool to gain an edge over the competition. Currently, the cost of ChatGPT-4 is only $20 per month, which is a very nominal cost considering its capabilities. For that cost, users gain access to a powerful large language model...Read More
Discovering How to Leverage SBA Lending Options
For most entrepreneurs, finding the money to launch their first business stands as a tremendous challenge. The good news is that getting a loan through the Small Business Association (SBA) is turning out to be a viable option for many business owners. The SBA doesn’t directly provide loans itself, but instead, works to facilitate lending. SBA assistance can even extend into the realm of...Read More