Brett Helling is the founder of Gigworker.com. He has been a rideshare driver since early 2012, having completed hundreds of trips for companies including Uber, Lyft, and Postmates.
Since that time, he has expanded his knowledge into the Gigworker site, as well as writing the book Gigworker: Independent Work and the State of the Gig Economy Paperback, now available on Amazon.
Our website is supported by our users. This post may contain affiliate links - which means we may receive compensation from purchases made through links on this site. To learn more, read about our Affiliate Disclosure and Editorial Process.
Buying and selling small businesses is a common practice.
Purchasing businesses for sale is an attractive option for an aspiring business owner.
In some ways, purchasing an existing business rather than starting a new one is easier.
With the help of BizBuySell you can easily buy and sell businesses in your area.
This way, rather than starting from the beginning, the business has already been established and running for a number of months or years.
This cuts out some of the legwork involved in getting a business off the ground.
Much like homes and other real estate, businesses can be bought and sold.
Unlike real estate property, however, this transaction is very complex.
There are hundreds of factors to consider on both the buyer’s and seller’s sides.
You likely have goals set whether you buy or sell.
Maybe you’re selling to earn money to retire, travel, or start a new business.
If you’re buying a business, this could be your first purchase or your fifth.
Regardless of your situation and goals, the decision to buy or sell businesses is exciting.
Arm yourself with the information and help you need to understand the process and make the best decisions for you.
Keep reading to learn everything you need to know to buy or sell a business, and how to use BizBuySell to do it.
Before you begin your search, you should decide whether you want to purchase a big business or a small business, a franchise or a local business, and other important factors.
Once you have this information, start by gathering a list of places to search for businesses.
Between online resources such as BizBuySell and professional businesses brokers, you can learn as much as you can about your target industry, the location you’re searching in, and the asking prices of current business owners.
Next, write down everything you’re looking for so you can begin your search with a plan.
Jumping into your search without a written plan may leave you overwhelmed and can draw out the process.
How to Buy a Business on BizBuySell
Once you have determined the type of business that you want to purchase, you can explore sale listings.
Local newspapers are a great way to find out about businesses in your area, but they may be limited.
Go online and search business marketplaces like BizBuySell.
These list all of the opportunities in and around your target area.
Have you decided to sell your business to move on to another opportunity or maybe even retire?
Congratulations on taking the first steps to selling your business and beginning your next adventure.
The smart seller will consider all aspects of the transaction and market to get the best deal possible.
Consider competitive placement in the market, fair selling price, and the process of finding the right buyer.
Before you can begin the process of selling your business, you have to tie up loose ends.
Are you in the best position to sell right now?
Is the condition of your business and operations going to allow you to get the best price?
Or do you need to put in a little work to get the business ready?
All of this requires a fair amount of research and the help of an expert.
You need to put a plan in place to make the most of this transaction.
You don’t want to risk making mistakes that could affect your sale.
How to Get Your Business Buyer-Ready
Before you sell, you need to do a little preparation.
Start by getting your business’s finances in order, cleaning up operations, and stepping up your marketing.
You want to position your business as a great business opportunity to a potential buyer.
This means advertising your success and your client base, and positioning it as one of the most popular businesses in the area.
Here are steps you can take right now:
Get your finances in order
Take a look at your current operations and processes and make improvements where necessary
Invest in better equipment
Improve your marketing
Boost sales and profitability
Steps to Selling a Business the Right Way
If you’re hoping to list your business on BizBuySell, follow these steps to give yourself a better chance to close a deal quickly.
1. Determine the Value of Your Business
You can either determine the valuation of your business yourself or hire a professional, but typically businesses are worth three to six times their annual cash flow (another good reason to make sure your business’s sales are high when you get ready to sell it).
Study business news in outlets like the Wall Street Journal and other business journals.
Learn as much about your industry and the market in your state as you can.
What are similar businesses offering as prices or services?
How are their sales?
What are their marketing tactics?
Sale prices differ by locations across the United States.
Whether you’re in New York, San Francisco, Los Angeles, or Orlando, Florida, do your research to find the correct asking price for your region.
More than that, find out what you can do to better position your business regardless of your location.
Study the most successful businesses.
Find out what they are doing differently and try to emulate that.
2. Find a Business Broker
Maximize your sale price by choosing the right business broker or online marketplace to help you sell your business.
If you choose the wrong business broker, you could lose out on thousands of dollars.
Fill out the Basic Info section for your business.
This includes:
Title for the ad
Location
Contact information for potential buyers
Business information: category, number of employees, year established, website, and whether the business is relocatable, home-based, or an established franchise
Next, choose a plan.
You have two options:
The Basic Ad:
This plan costs $49.95 a month for six months and includes a single photo and attachment, a valuation report to help you set your asking price, and the ability to view your stats and leads online.
The Showcase Ad:
Advertised as getting five times more leads than the basic plan, this costs $69.96 a month for six months.
In addition to the above features, this plan has perks like multiple photos, videos, and attachments, higher placement in the search results, a contact list for potential buyers, and a targeted email blast.
Select your plan and input your credit card information.
Once it’s processed, your ad is complete and you’re one step closer to selling your business.
Buying or Selling: You’re Ready to Go
Buying and selling businesses requires a fair amount of planning and preparation.
All of this work is worth the rewards of maximizing a sale on your business, or finding the best business opportunity for you.
Whether you’re buying or selling your business, now you have the tools you need to move ahead.
Between planning out your buyer’s or seller’s strategy and finding ways to earn extra money to fund your venture, you’re ready to move forward.
The gig economy is booming, and thanks to COVID-19, more people than ever are getting involved. But what is this new sharing economy and how does it work?
Create your account here to access our Membership Content
We have tons of Gig economy information and some valuable information only accessible by our member. Signup here to become a member and access the content.