13 Critical Important Questions To Ask Before Buying A Business – Part 5

A business that includes a picture framing business, an art gallery and a gift shop is a business that has an excellent chance of succeeding. If the location is high traffic this will get potential customers to stop and go through the gallery. If your shop is located in a tourist area you may get an entirely different group to visit your store depending on the time of year.

Someone who is on your side at all times. The coach is only interested in one outcome – helping you to achieve your goal of business ownership. A business for sale bangkok online has been professionally trained to sell your business, and many do an excellent job, but the inherent conflict exists as he cannot represent both parties. His job is to help his client (the seller) get the best possible price from the buyer (you). A coach does not represent anyone. She is only there to support you on your journey.

Get a business valuation. Although, you might have an idea about the value of the Business brokers online, you will not have a feel for what buyers are paying for businesses like yours. Getting a third-party valuation will aid you in establishing a fair market price and getting your business sold. Sadly, the reason most businesses do not sell, is because they are overpriced.

When you want to decide if a restaurant is going to be a success or not, consider the location. You do not want a restaurant stuck in the middle of nowhere, no matter how good the food might be. You should be looking for a place that is accessible and located in a busy area. If you are in a place that people cannot reach you, your restaurant business is doomed. Nobody likes to go through stress just to grab a meal.

One of the options available in order to avoid business bankruptcy is finding loans with favorable rates to help you ride out the storm. Another way to avoid business bankruptcy is to look around for expendable assets that you can sell to raise extra cash. If you have employees, consider cutting incomes anywhere from five p.c. to ten p.c, and stop paying yourself until the business starts to rebound.

Some sellers are so paranoid of the IRS, they are not willing to show anyone their private records or computer tapes for fear that the buyer could be an IRS agent. My personal opinion, and what I advice sellers to do, is to get their books legal and honest and hire themselves a top notch CPA, like Donald Trump, and use every legal trick in the book. Martha Stewart didn’t go to jail for inside trading. They got her on lying, even if she didn’t do any lying. There are legal ways to avoid taxes so that fraud is not necessary. If you cannot find a good accountant, I will recommend one.

Owning a F&B business has great rewards, but not without sacrifice. If not managed properly, the business can consume every waking moment of an owner. Get your spouse to buy into the deal. If there is not a consensus, don’t buy the business. Two minds are better than one. Respect each others opinion and views. But don’t let the purchase become a burden on the relationship. It isn’t worth it!

It’s a simple change, but if you will combine the benefits of what you’re selling with what your prospect really wants, you’ll find your products taking wings!

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