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Buy An Existing Business or Start From Scratch? Which To Choose?
Buy An Existing Business or Start from Scratch? December 21, 2018 by Michael Shea PA So you want to own a business. The freedom, autonomy, and rewards are attractive. So where do you start? You can start a side hustle , buy a franchise , or buy an existing business. With so many options available to you how do you know which to choose and what are the pros and cons? As a broker, I have seen each of these options play out both positively and negatively. The side hustle allows you to hedge risk and make some money “on the side” but the time it takes to scale to actual “business” status is long. Franchises bring proven processes, resources, and often brand power. It requires more capital and you need to be comfortable with the restrictions and ongoing costs associated with being in “partnership” with a master franchisor. Finally, the one I think represents the best opportunity on many levels is the purchase of an existing business...
Buyers Are Liars? Is It True?
Buyers Are Liars? Is it True December 6, 2018 by Michael Shea PA (Edit) In the business brokerage market, there is a hushed phrase the wise old brokers bandy about behind closed doors: “Buyers Are Liars”. Like many euphemisms, there is a ring of truth to this saying. So how and why does this perception exist? At its core, it comes from education or the lack thereof. The lexicon that most buyers use when looking at the business buying market is their experience in Real Estate. Whether it be commercial or residential the comparison to the business sales or mergers and acquisitions market is problematic. First here in Florida over 95% of the business transactions do not involve the sale of real property and a large component does not even involve the transfer of a lease. Secondarily, Buyers have to keep in mind that regardless of market conditions, unlike real estate where the market switches between a “buyer’s” or “seller’s” market...
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