How Long Does it Take to Buy a Business? business broker smb buying a business
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- čas přidán 6. 09. 2024
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Eric is concerned after 18 months of looking. Should he be? Can he do more?
Firstly, in the video, I mention a business broker. His actual name is Curt Maier. Sorry Curt!
Eric writes to me because he’s been looking for a year and a half and is concerned.
Should he be?
What is Eric doing to find a business and is there something that can speed up this process?
I explore the market, the role of brokers and how much of the market they can really access for you and more.
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business brokers smb mergers and acquisitions buying a business buy a business
There is incredible value in this channel. Thank you for all of your hard work, David.
I appreciate that Clayton, thanks.
Lot's of deals done off market! Currently I'm pending to buy a book of business with no one involved except the lawyer.
IMO to find a deal it's not a matter of time, but a matter of results. Looking for 18 months and only talking to a few sellers is not great. You need to talk to a lot of sellers!
When I was in the flipping land business it was normal for 2,000 letters per deal. We would talk to 20 people from those letters and only buy one.
Yes, you're right. The searchers who I work with that are successful are networking with a lot of owners as fast as they can.
Thanks David. A good combination of detailed advice and good old common sense. I did your business buyer advantage course and it helped me to understand what kind of businesses to avoid because they wouldn't suit me personally.
Thanks Victor.
Very valuable info. Sticking to one industry is very helpful.
Absolutely!
Thanks Dave.
Thanks for sending in the question Eric. I think it's something that every searcher wonders at some point.
Thanks for the great video!
I have one question: I found this business that I want to buy on a website. Am I allowed to reach out to the owner directly if I can? Or if I go on a broker route, how can I ensure that the broker is really qualified and will do the right thing for a good deal? I’m in Canada by the way.
This is a great questiion for a video. I'm adding it to the list.
You should inquire via the method advertised on the website.
Great content!
Thanks GWB.
How do you decide what business is right for you?
Great question. We'll add this to the list.
Do buyer brokers charge a commission?
In my experience, if a broker is helping a buyer then they want to be compensated for their time. IE a search fee and maybe have expenses reimbursed on an on-going basis AND THEN when you buy, some small success fee. I've never heard of a buy-side broker working entirely on a commission. 9/10 searchers don't become buyers.