Buyer FAQ's
  What happens when I find a business I may want to buy?
  Why should I go to a business broker?
  What is the real reason people go into business for themselves?
  Why should I buy a business rather than start one?
   
   
  Business Owner FAQ's
  Selling A Business, How Important Is It?
  How long does it take to sell my business?
  What can business brokers do - and, what can't they do?
 

 

 

Q1. What happens when I find a business I may want to buy?
A1. When you find a business, we will be able to answer many of your questions immediately or will research them for you. Once you get your preliminary questions answered, the typical next step is for a WCI Broker to prepare an offer based on the price and terms you feel are appropriate. This offer will generally be subject to your approval of the actual books and records supporting the figures that have been supplied to you. The main purpose of the offer is to see if the seller is willing to accept the price and terms you offered.

There isn't much point in continuing if you and the seller can't get together on price and terms. The offer is then presented to the seller who can approve it, reject it, or counter it with his or her own offer. You, obviously, have the decision of accepting the counter proposal from the seller or rejecting it and going on to consider other businesses.

If you and the seller agree on the price and terms, the next step is for you to do your "due diligence." The burden is on you - the buyer - no one else. You may choose to bring in other outside advisors or to do it on your own - the choice is yours. Once you have checked and approved those areas of concern, the closing documents can be prepared, and your purchase of the business can be successfully closed. You will now join many others who, like you, have chosen to become self-employed!
 
Q2. Why should I go to a business broker?
A2. WCI's professional business brokers can be helpful in many ways. We can provide you with a selection of different and, in many cases, unique businesses, including many that you would not be able to find on your own. Approximately 90 percent of those who buy businesses end up with something completely different from the business that they first inquired about. We can offer you a wide variety of businesses to look at and consider.

WCI Brokers are also an excellent source of information about small business and the business buying process. They are familiar with the market and can advise you about trends, pricing and what is happening locally. We will handle all of the details of the business sale and will do everything possible to guide you in the right direction, including, if necessary, consulting other professionals who may be able to assist you.

WCI Brokers are the best people to talk to about your business needs and requirements.

 
Q3. What is the real reason people go into business for themselves?
A3. There have been many surveys taken in an attempt to answer this question. Most surveys reveal the same responses, in almost the same identical order of priority. Here are the results of a typical survey, listed in order of importance:

to do my own thing, control my own destiny,

don't want to work for someone else,

to better utilize my skills and abilities,

to make money.

It is interesting to note that money is not at the top of the list, but comes in fourth.
 
Q4. Why should I buy a business rather than start one?
A4. An existing business has a track record. The failure rate in small business is largely in the start-up phase. The existing business has demonstrated that there is a need for that product or service in a particular locale. Financial records are available along with other information on the business. Most sellers will stay and familiarize a new owner and most will also supply some financing. Finding someone who will show you the intricacies of running a business and who is also willing to finance part of the sale can make all the difference.
 
Q1. Selling A Business, How Important Is It?
A1. Selling your business is a major decision! You have devoted your time, money and energy to building, running and operating your business. It may well represent your life's work. You have decided that now is the right time to sell, and you want the very best professional guidance you can get. This is when working in tandem with WCI, professional business brokers can make the difference between just getting rid of the business and selling it for a great price.
 
Q2. How long does it take to sell my business?
A2. It generally takes, on average, between five to eight months to sell most businesses. Keep in mind that an average is just that. Some businesses will take longer to sell, while others will sell in a shorter period of time. The sooner you have all the information needed to begin the marketing process, the shorter the time period should be. It is also important that the business be priced properly right from the start. Some sellers, operating under the premise that they can always come down in price, overprice their business. This theory often "backfires," because buyers often will refuse to look at an overpriced business.
 
Q3. What can business brokers do - and, what can't they do?
A3. Business brokers are the professionals who will facilitate the successful sale of your business. It is important that you understand just what a professional business broker can do -- as well as what they can't. As your business broker we can help you decide how to price your business and how to structure the sale so it makes sense for everyone -- you and the buyer. We can find the right buyer for your business, work with you and the buyer every step of the way until the transaction is successfully closed. We will also help the buyer in all the details of the business buying process.

We are not, however, a magician who can sell an overpriced business. Most businesses are saleable if priced and structured properly. You should understand that only the marketplace can determine what a business will sell for. The amount of the down payment you are willing to accept, along with the terms of the seller financing, can greatly influence not only the ultimate selling price, but also the success of the sale itself.