If you’re looking to buy a business, purchasing an existing veteran owned one is a great option. It can save you time and money compared to starting a business from scratch. Here’s a step-by-step guide on how to buy an existing business:
Determine your budget: Before you start looking for a business to buy, you need to determine how much you can afford to spend. This will help you narrow down your search and ensure that you don’t waste time looking at businesses that are out of your price range.
Identify your interests: Once you have a budget in mind, you should identify your interests and what you are good at. This will help you focus your search on businesses that you’re passionate about and that you’ll enjoy running. Passion is great but some background and something that you know you are good at are better.
Search for businesses: You can find businesses for sale in a variety of places, including online marketplaces, business brokers, word of mouth, and at the local Chamber of Commerce. You can also use the SBA VetCert website to find certified veteran-owned and service-disabled veteran-owned small businesses. The US Small Business Administration (SBA) lists over 15,000 certified VO and SDVO small businesses. You can search VetCert by location or NAICS code to find businesses that interest you. Look here https://veterans.certify.sba.gov/
Research the businesses: Once you’ve found a few businesses that interest you, you should research them thoroughly. You can find out how much Federal Government revenue each of these businesses has when you do a little research at https://www.usaspending.gov/. Needless to say, the Federal Government keeps statistics on all kinds of details.
Visit the businesses: After you’ve done your research, you should visit the businesses that you’re interested in. This will give you a chance to see the business in person and get a feel for how it operates. Because you are a veteran, talking to the veteran owner of the business provides you with an immediate connection. Don’t go visiting businesses unless you have a real interest. Business owners are typically very busy. They don’t have time for tire kickers.
Make an offer: If you’ve found a business that you’re interested in and you’re satisfied with your research and visit, you can make an offer to buy the business. This will typically involve negotiating a price and terms with the seller. You can learn more about this in the Warrior Rising VETtoCEO Business Accelerator.
Close the deal: Once you’ve agreed on a price and terms, you’ll need to close the deal. This will involve signing a purchase agreement and transferring ownership of the business. Once again, you’ll learn all about this in the Warrior Rising VETtoCEO Business Accelerator.
By following these steps, you can find and buy an existing business that interests you. Contact us if you need some help or want more information. Good luck! 🤞
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