Every week someone calls my office with the same story. They’ve been searching for a business to buy for nearly a year with no luck. As one Buyer said to me recently “I’m a smart guy, I don’t know why I’m having so much trouble buying a business”.
The answer is simple. You’re approaching it the wrong way. You’re calling around to different business brokers and asking them about a listing they have on the internet somewhere. I call it “Buyeritis”.
Here’s the top 10 signs of Buyeritis:
- Do you feel like finding a business to buy is like knocking your head against a brick wall? *
- Have you been looking for months for a business to buy and found nothing?
- Does it seem like the only businesses for sale are restaurants, laundromats and nail salons?
- Do you call the listing agent and forget that they represent the seller and not YOU?
- Does it take a week – or not at all – for the Seller’s broker to get back to you ?
- Are you expecting 3 years of Profit & Loss Statements & Balance Sheets and a prospectus but receive only a couple of pages of unprofessionalcrap?
- Are you frustrated when the financials show a loss of $14,000 and crazy addbacks of $450,000?
- Did you waste a month of your time in due diligence only discover that the seller lied?
- Do you feel like you’re spinning your wheels and getting nowhere?
- Do you keep thinking there must be a better way?