How to Find a Biz to Buy

November 10, 2022

How to Find a Good Business to Buy: 4 ‘UA’ Ways

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How to Find a Good Business to Buy: 4 ‘UA’ Ways

Unconventional Acquisitions

November 10, 2022

At this point, you probably realize that buying boring businesses is *the* way to give you that extra stream of income you’ve got written down on your 5 year plan. 

Sure… investing in real estate is great and all, but the serious finance players have skin in the M&A game. 

And guess what? You don’t have to work on Wall Street to know what to do or how to do it. 

Join us here on Main Street, where your “ordinary” people can acquire a small business on their own time and dime.

If you’re looking to increase your annual earnings and live out that dream of working *only* when you want to… You’re in the right place.

But before you go off and tell everyone and their mother that you’re gonna be a business owner…there are a few details you need to iron out.

First, you gotta know what type of biz you want to buy.

Next, you gotta know where TF to find it.

When you start your search, you want a general idea of what type of boring business you’re interested in buying so you aren’t bombarded with a million (literally) potential opportunities. 

There are more than 2.5 million businesses for sale right now. Just type “businesses for sale in the United States” into Google and you’ll find hundreds of thousands of results.

So you can imagine how overwhelming that will be if you don’t do your research and get clear on your non-negotiables.

Get specific on what interests you and how involved in this boring business you want to be (remember, you’ll want to hire an operator). 

  • How much time are you actually willing to put into this venture? 
  • Do you want to be more hands-off in the day-to-day? 
  • Does the business need to be located within a 10-mile radius of where you live?

These questions will pave the way towards finding the type of business that meets your criteria. 

Once you have an idea of what route you wanna take, you gotta actually find the biz. Here are some places to start your search:

  1. Search your local business listings

The easiest place to begin your biz searching journey is on a database that lists all the businesses that are currently for sale in your area (or wherever you’re looking to buy).

Think Zillow for small businesses

Which is great, buuuut it means there’s high traffic because it’s a simple hub for most people to visit to find a business to acquire. And we all know higher competition leads to higher prices.

Not so great.

But it does give you a rough ballpark estimate of what businesses within the industry are selling for. 

Some of our favorites are BuyBizSell, BusinessesForSale, Flippa, Vested Business Brokers, Transworld Business Advisors, and Local Dexter Distributor.

Check it Out: Communities That Will Help You Find Better Deals in 2022 

  1. Hit the pavement and meet some owners

 Get out there and start talking with owners a.k.a. potential sellers). 

Start with a quick Google search of all the businesses in the industry and location that you’re interested in buying.

Find ones that pique your interest and start the conversation much earlier than you’d think you need too, regardless if they’re for sale or not.

You want to focus on creating authentic connections with the owners and get on their radar. Sure, they aren’t selling now but they could want to in the near future. 

And you’d be top of mind.

You’re also checking out the competition and building your network for when you actually buy the small business. 

A quick tip is to create a spreadsheet or section of your CRM tool with all the info on the businesses that you’re interested in buying. 

Within the spreadsheet you can include the followings-

  • The name of the owner
  • Their contact information
  • The address of the business
  • When you last reached out
  • Any relevant information that was exchanged

That way you can keep tabs on the progression of the relationship. 

  1. Find business brokers in your area

Getting in touch with local brokers that specialize in the business you’re looking to purchase is a long term win. Through the brokers, you will attractive find deals that are not even listed online.

Business brokers work very similarly to a real estate agent, except they specialize in the purchase and sale of small businesses. Great news for you.

Usually, brokers are also the first people to know when a business if going to be up for sale (after all, they’ve got visibility into all the paperwork). This is why brokers are a great resource to keep in your back pocket as you continue your search.

Start developing relations with brokers, and get into their ‘exclusive’ client list, so that they email you off-market deals.

Fun Fact: In Our Biz Buying Masterclass, There Are Detailed Discussions on How to Develop a Long-Term Connection With Brokers + A Large List of Business Brokers.

You can also leverage all the professional expertise that comes with hiring a broker. Since they’ve done many a deal in your industry before, you’ll be more likely to make recommendations or review your deal structure before you finally sign on the dotted line. 

  1. Use your network and look outside it

To be honest, this one’s totally overlooked IMO.  

Most people don’t think to ask around to the people they know to find a deal buuuut let me tell you… there’s a high likelihood that you know someone who knows someone.

This could be as simple as texting a few of your friends who are also into investing and letting them know that you’re looking to purchase a laundromat… or a vending machine… or whatever business you want to buy. 

Once you’ve told your network, then work on expanding it.

You could also find potential leads at places like local networking events or industry conferences. 

How to Buy a Small Business

P.S. There are 18 total lesions just on Finding a Good Business to Buy, in our Biz Buying Masterclass. Check it Out!

Yours Unconventionally,

Codie & Ryan

Co-founders – Unconventional Acquisitions

If you want to learn more about how to find and buy businesses, check out these articles👇

You can also register for the course here OR if you are serious about buying a small business, join our Mastermind.

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