BUYING A BUSINESS
Timing is critical and now is the time to look at business opportunities in Las Vegas, the most dynamic business environment in the country. Steve Patterson can help you find the right business to fit your skills and financial circumstances. If you are tired of working your way through endless "for sale by owner" listings that are just buying you a job or are not appropriately priced. So let's get started by clicking here to see our fabulous listings.
THE BUYING PROCESS MADE EASY:
There are several major steps to the business buying process, that all buyers must understand to be successful in finding the right business from you.
THE FIRST STEP:
Start at the beginning, take the first step and determine how much you have to invest in a business.Carefulto allocate enough funds for working capital while you take control of your new business (usually an amount equal to 1 to 2 months of expenses), personal living expenses while you get your new business moving along, and unforeseen emergencies.One of the largest reason's for small business failure is lack of working capital.Above all else be realistic on what makes sense for you given your circumstances and situation in life.
Additionally, a realistic assessment of your credit standing and overall financial strength is important to determine if a bank loan such as a Small Business Administration (SBA) loan makes sense for you. While SBA Loans have been one of the most important government backed programs to promote small business activity in America, they are not without pitfalls miles of red tape.That is why we recommend that our clients work with experts in the field instead of hobbyists, please see our links page for SBA resources.
WHAT KIND OF BUSINESSES TO LOOK AT:
It's been said that is you work at something you like, you will never have to work another day in your life.No truer words were ever spoken. Certainly it is important to understands your technical and business skills before selecting a business that makes sense for you.Some buyers have said they don't know what they are looking for but they'll know it when they see it. Above all stay within your planned investment amount.
Be cognizant of licensing requirements and insure that you have the qualifications to meet those requirements.If not make sure that the regulatory agency with purview provides for a "Qualified Employee" (QE).
LET'S PUT TOGETHER A DEAL:
Once you find the right business it's time to put together the right deal.We can help guide you through the process.If we represent you as a buyer broker we can negotiate on your behalf to structure the right deal for you.Structuring the deal to complete the transaction is critical.Remember a good deal is when both parties are happy.
DUE DILIGENCE:
The due diligence period is crucial in the buying process.This is the time for you to thoroughly review the financial, licensing, facility and general business aspects of your target purchase.Remember that typically during this period you can withdraw from the transaction for virtually any reason and receive your full earnest deposit back.
CLOSING:
This is where all of your hard work, for thought and commitmentcome together. We always recommend using a full service business closing escrow company.Typically expect this service to provide UCC search services along with Department of Taxation and Employment and Training Clearances to insure you a business purchase free of unknown liabilities and surprises.
LET'S GET STARTED:
Call Steve Patterson for an in depth review of the buying process at (702) 569 0713 and start moving towards your dreams.
