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MakingMulah.comHow To Make Buying An Established Business |
How To Make Money Buying An Established BusinessFor the past few years I have looked around my area for an opportunity to buy an established brick and mortar business. The best website I have found out there seems to be www.bizbuysell.com (I have no affiliate to this website). I search on the state of Florida then refine my results to 'Boca Raton', where I live.  The website shows the business Asking price and other good information such as Cash Flow and Gross Income. Although this information is not always available. There is a button to CONTACT THE SELLER on the website but that goes through the listing broker. They will want you to sign and fax them documentation before they provide you with the exact location of the business. The good thing is that some of these businesses give you enough information to figure it out on your own. If that is possible I would recommend that as you can possibly avoid the broker commission if you really want to buy the business. I have been consistently checking businesses in the Boca Raton area of Florida for the past few years and have checked out a few places but never really took it any further. Some of the businesses I have looked at seem to be asking too much money and others seem like they are exaggerating information on the business. One example of was pizza place that was for sale in my area. They wanted $80,0000 and had their Gross Income set at $75,000. Gross Income is all income received before any cost of sales or expenses. There was also information about the restaurant: Been in business many years at this location. Very busy, etc. I then found the place and went in. I met up with the owner (not telling him I wanted to buy the place). He told me that he was in the location less than a year and the person he bought it from had it only open part time. He said business was slow and he wanted to get rid of the place. A little investigation on this place saved me a lot of headaches. Not to mention that I hated the pizza and didn't see anyone else there for over an hour when I said there eating my pizza during a week day lunch hour. This showed me that buyer should beware with existing businesses as much as start ups. I am still looking around for a good deal and even using Craiglist now as there are businesses for sale. I would appreciate other input from people who are going through looking for a brick and mortar established business such as myself, or someone who has actually done this. Please go to the forum and post about Buying an Established Business. Thanks, Mike |
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