For buyers, CMT Transaction Advisors are an invaluable resource. We work with buyers to target specific opportunities that match their previous business experience, skills, desires and expectations. We add value to the buy-side of the transaction by streamlining the overall sale process and expediting the timeframe in which a business is transitioned to new ownership. We look forward to getting to know you, and your goals, in detail! In the meantime here are some ‘tips’ to keep in mind as you embark upon your business ownership journey:
1. There are no perfect businesses….don’t expect to find one.
2. If after reviewing information on an acquisition opportunity, you initially like the business, even just marginally, have the broker schedule a meeting or teleconference with the owner. You always learn more when discussing with the owner.
3. Ask the business broker any and all questions. There are no stupid questions.
4. Picture yourself as the owner of the business you are considering. Ask yourself what you would do to improve the business.
5. If you find a business you like – make an offer. Finding a business is difficult and if you delay, you may miss a terrific opportunity.
6. If you like the business, make an offer based on your valuation and risk assessment.
7. Make sure your acquisition criteria are realistic. Such as, you have sufficient cash to invest to purchase the business (size and type) you desire.
8. Don’t over-leverage and maintain a reserve in the event the business may require additional working capital in the future.
9. Use advisors (accountants and attorneys) who have experience in “deal-making” (because not all do). Their inexperience or attitude could cost you more than their fee. Remember they work for you.
10. Use preferred S.B.A. banks that are recommended by your broker.
Thanks for visiting, hope to talk to you soon!