Why should I buy an established business?
The challenges of owning a business are immense. Getting started right with an established business will save you time and money. The benefits of buying an established business range from an existing customer base and known location to advance knowledge of how the business has performed. Contrast this with the high risks of start-up businesses where the difficulties of unknown location and product mix result in an average three year failure rate of more than 75%.
Are profitable businesses for sale?
There are always a number of good, profitable businesses for sale. Retirement, illness, death, partnership disputes, relocation and simple "burn-out" often cause business owners to sell financially sound businesses. With an established business, you gain the advantages of ownership with two of the benefits required for all successful businesses already built-in; good location and a proven product or service. The third ingredient for success is management, and that's where you must make the business work. With an established business, you have the benefits of a proven track record, employees, supplies, identification as well as the customers.
What are the rewards?
In addition to the challenges of good business management, come many rewards. High on the list is the benefit of controlling your own financial and career destiny. You decide how money is spent; when to work; how the business should be run; and how to keep it growing. In return you achieve job security, financial independence, and a great deal of satisfaction from your increased self reliance.
When do the financial benefits begin?
Immediately! When you buy a business from the previous owner you gain financial advantages right from the start. Your down payment becomes your only real investment because all other costs of the purchase are usually paid by the business through cash flow. In effect, the business buys itself. Unlike borrowing from a bank, typical advantages of seller financing include lower down payment, lower interest rates, and simplified credit checks. Add this to the tax benefits of owning your own business and the purchase of an existing business becomes a very positive move.
How does the buying process work?
After discussing the type of business you are interested in with your OIB representative, you'll be qualified as to your ability to buy one of the businesses listed for sale with us. When you find a business that looks interesting, you will tour the business and can determine for yourself if it feels right for you. If it feels right you are then free to make an offer with all the protections and contingencies that you feel are prudent. You are in control of the offer so that your satisfaction and protection are in your own hands.