With several benefits to buying an established business vs. starting one, entrepreneurs across the UK are always on the lookout for businesses for sale and there are now more places than ever for prospective buyers to look.
Social media and dedicated online marketplaces mean that buyers can browse thousands of businesses across a wide range of industries, but the saturation can mean that real opportunities are missed.
If you are in the process of looking for a business to buy, our latest blog post covers the best places to find businesses for sale.
Online marketplaces developed specifically to buy and sell businesses are becoming more commonplace and better established.
These marketplaces often feature tens of thousands of businesses for sale across a wide range of sectors, allowing prospective buyers to view information about the business such as the turnover and net profit.
Sellers will generally pay a fee to list their business and due to the large number of businesses on the platform, they may find that their listing does not attract views without an advertising budget to make it more prominent.
Whilst these tools can provide buyers with a general idea of businesses for sale in their area, buyers should be wary that these platforms often feature many low-quality listings and sellers may not be as forthcoming with information; making it harder to perform essential due diligence.
Additionally, the best opportunities are often sold through business brokers or private networks of investors, meaning those that use online marketplaces could miss out.
Dedicated Broker Websites
Many dedicated business brokers will have a website page featuring a selection of the businesses they currently have for sale.
The businesses listed on these pages are affiliated with the broker and therefore, buyers can be confident about the legitimacy of the business. Buyers can also have more certainty in the process when using a dedicated broker.
When engaging with these websites, buyers should be aware that they are likely to be seeing a limited selection of businesses available as the broker will usually offer new opportunities to their clients first.
Business Networking Groups
Networking groups are a powerful place to meet well connected local business people and find new opportunities.
At Bristol Brokers, part of our approach to selling a business includes using local business networking groups to solicit introductions to motivated buyers, we have found this method to be very effective.
However, buyers may find that opportunities within these groups are few and far between. Additionally, there is often a cost to joining these groups and the expectation of regular attendance and active participation may not suit your lifestyle.
Social media is becoming more established as a medium for buying and selling products and services.
Social media platforms such as LinkedIn, Facebook and Twitter offer a platform for buyers and sellers to exchange information about the opportunity and communicate through dedicated groups or pages.
Whilst it provides a viable platform to search for businesses for sale, buyers should be wary that opportunities are generally of a lower quality than those found on dedicated platforms.
Additionally, the moderation of posts is usually limited and therefore illegitimate opportunities, schemes and scams are not uncommon on social media platforms.
Why Use a Business Broker?
With all the alternative mediums available for finding businesses for sale, some buyers may be left wondering why they should be looking to use the services of a broker.
Using a dedicated business broker offers several benefits over other methods which will ultimately increase the likelihood of successful acquisition of a business that meets your criteria.
The benefits of using a dedicated business broker when you are looking to purchase a new business include:
- Opportunity – As well as being able to only present businesses to you that meet your criteria, a good business broker also allows you to find businesses for sale that are not openly marketed.
- Time – Using a business broker should save you time at every stage of the process, from initial research to final negotiations.
- Negotiations – An experienced business broker will communicate with both parties throughout the deal to ensure that you get the best price on terms that suit you.
- Risk – Whilst every deal is different and some factors cannot be controlled, there is generally considered to be less risk when buying a business through a broker.
- Expertise – Using a business broker means you benefit from a wealth of industry knowledge which can help you get a better deal and ensure all of the necessary legal work is done to finalise the deal.
Find Your Next Opportunity with Bristol Business Brokers
Are you looking for a business to buy? Perhaps you have already tried some of the platforms covered above with no success.
Buying a business is a large investment. Having an experienced business broker on your side can help ensure the investment is suitable whilst also getting you a better deal.
To find out more about how we can support your next acquisition, give us a call today 0117 379 0117 or fill out a contact form and we will get back to you.