Have you bought a business? The following people have. While interviewing them for Sunbelt’s monthly newsletter, we asked them to share what they have learned about buying a business. These are some of their tips on buying a business.
Canada’s small business owners take the risks and provide the imagination, the capital, and the energy that drives the economy, jobs and wealth in Canada. But they don’t get the respect they deserve, especially when it comes to funding for acquisition and growth.
Grant Mellow, ActionCOACH, in action at Sunbelt's Ottawa office. A business owner must be able to seek out and take advice and keep learning. Most of us have access to many networking and training options, both in person and online.
Many small business owners love what they are doing. It’s the fuel that powers them through long days and adversity. It’s why three out of 10 in Canada opened up shop. But it’s also the kicker that can make it so hard to leave—a milestone that some seven out of 10 of us will be approaching this decade.
Statistics show that owning your own business is the fastest way to financial independence, while also creating the lifestyle and liberty that goes with successful business ownership. And if you buy an existing successful business, there is a 90 to 95 per cent chance that the business will still be in business after five years (provided, of course, that you buy it right). To mark our 50th post and to help you "buy it right", we've pulled together a top 10 list of tips.
Are you expecting to die with your boots on? Or do you intend to kick off your shoes and seek other surroundings, near or far? Some eight per cent of us who own small businesses in Canada do not plan to retire at all.
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!
How many miles have you put in on your business journey? Are you still enjoying the ride? Maybe you’ve started thinking about passing the wheel and your business to someone else. Will you have enough money for what you want to do next? If not, what will it take as a business owner to get you there?
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.
