Would you buy a struggling business? Should you? Turn on your television any day of any week and you are bound to find at least one “rescue” show where an expert whips a struggling individual, a family or small business into physical, emotional or financial shape. Oh, and let’s not forget the tough talk for owners of out-of-control pets!
What about owning a small business that only operates at certain times of the year—say a tour boat line in Canada? I saw an article recently about owning a seasonal franchise and it prompted me to put together my own list of pros and cons to owning a seasonal business that buyers should be aware of.
My wife, Gayle, and I recently celebrated our 35th wedding anniversary. We're both strong-minded but we're careful not to let our differences turn into a contest of wills, where one "wins" and the other "loses".
Business brokers bring buyers and sellers together. The rules around “who acts for whom” change with the Canada/U.S. border. In Canada, individual business brokers often represent the interests of both the buyer and the seller of a business. This is known as dual agency.
Potential buyers of a business want to know upfront why it’s for sale. They’re naturally suspicious--if this is such a good business, then why is the business for sale? What is wrong?
No matter how successful you’ve been in your previous work life, becoming a first-time small business owner can be tough. As perhaps half of business buyers in Canada were born in the baby boomer era, it’s worth taking a closer look at the typical challenges from their perspective.
For certain business buyers, a franchise is a good fit. As explained in the previous post, Franchises, a business-in-a-box, franchising is a method of being in business for yourself, but not by yourself. Individual franchisees are local owners/managers who apply a prescribed system of business operation to produce and sell specific products/services throughout a market territory.
Our business brokers work hard to connect buyers with businesses where they can be successful and happy. For some, the solution is the purchase of an existing operating franchise with a known name, system of operations, specific track record, trained employees, existing customer base and cash flow - a business-in-a-box.
