Selling Your Business?
If you are thinking about selling your business, at first it can seem totally overwhelming. Where to begin? Once you decide to use our Oklahoma business brokers for selling your business in Tulsa or any of the surrounding areas, we will be there for you and with you and our goal is to provide you with peace of mind and be sure to answer your questions in their entirety.
Buying a Business?
Another one of the services we provide is for those individuals who are looking for businesses for sale in Tulsa or surrounding areas. In fact, we service the entire state of Oklahoma so if you are looking for business for sale anywhere from Tulsa to the panhandle, we are the Oklahoma business brokers to call.
Oklahoma Business Brokers with Expertise You Can Count On
Buying business, selling business, business valuations, and more. These are just a few of the ways that our team will help you. Our expertise from our Oklahoma business brokers is unmatched when it comes to business. We have helped thousands of business owners start, grow, sell, and buy businesses and we want to provide that expertise to you.
A Unique Perspective
One of the MANY ways that we are different than other Oklahoma Business Brokers is that we have a very unique perspective. Our team consists of actual business owners and entrepreneurs that all have started businesses, grown businesses, bought businesses, and helped thousands of business owners grow. We brought this amazing team together so we can provide you with some amazing experience and expertise. We are entrepreneurs. We get it. We actually work in the business, we talk the talk, we get the vision, and are not just glorified accountants.
As Oklahoma business brokers, because of our unique team that we have assembled, we have the ability to come up with creative solutions to your specific problem. Do you want to buy a business but don't have relationships with a bank or lender? We do. Want to sell a business but don't know how to get a fair valuation? We do it for you. We are able to offer you all of the solutions you may need, all under the same roof.
10 Things to Consider When Buying a Business
You did it! You’ve officially decided to embark on the beautiful, yet ever so challenging journey of owning your own business. Now… life led you here, but you don’t quite know what business to buy. Again, you know you’re ready for this next step in life. But now you’re wondering, where do I get started? Great news! You are not alone. That’s why here at Impact Business Brokers, we are the Oklahoma business brokers who are ready to help you obtain the perfect business that serves you and your goals precisely.
Because of that, we compiled a list of 10 things you should probably consider when buying a business. Our goal as Oklahoma business brokers is to help save you time. Once you understand the broad picture, you are ready to frontier the great unknown. We encourage you to reach out to us on our website, or give us a call. You can also see our active listings on our page, and see if any of our businesses for sale align with your goals!
- What Are Your Goals?
The first thing you absolutely MUST determine is, what are your goals? If you don’t know your goals, we simply can not help. However, if you know your goals for your life, for example for your faith, family, finances, friends, or fitness, you know how your business can help you get there. We can help give you the pros and cons of different business and different industries. But it will simply go in one ear and out the other unless you have, at least a slight inkling into your goals and the types of businesses that definitely don’t meet those, and those that do. Most people have to be reminded of this, but your business is simply a vehicle that exists to serve you. So first, determine your goals. This can mean you want a business to buy that will give you passive income. Of course there are pros and cons to that. Typically, a business that makes passive income requires more upfront capital. Maybe you are just starting out, and you want something that requires little capital to begin. However, the world doesn’t work where you can get something for nothing, right? Many businesses that we sell as Oklahoma business brokers have a low entry barrier, as in little startup cost, but it does require some sweat equity on your part. These are questions to ask yourself, as the average business owner has different levels of available capital and different ranges of available time.
- How Much Time Can You REALISTICALLY Give Your New Baby?
Okay… here is where I have to give you a quick little pep talk. You can’t get something for nothing. We have already established that haven’t we? In fact, Maya Angelou says it best with “Nothing will work unless you do”. How many hours are you ACTUALLY willing to put into your business. This includes working ON your business and hours working IN your business. This largely determines what type of business you buy. It also determines if the goals you have line up with reality. You can’t desire to buy a startup business that is currently generating $2,500 in sales each week, and expect to work on the business two hours a week and be generating $2,500,000 in six months. Make your reality match your goals!
- What Are the Numbers?
CRUNCH THE NUMBERS FIRST. Not after, first. This will allow you to quickly decide if this is a smart industry to get into. Why waste time? Find out what the margins are. What is the most the customer will pay, what is the lowest amount the market is charging. What are your employees willing to work for on the high and low end. What vendors will you use and where is their price range? These are all things that help you get to a point where you can reasonably determine how much money you could make, and if the new endeavor is worth your time.
- How Will You Purchase the Business?
There are so many different ways you can purchase a business. You can refer to other resources on our website to get more into the specifics. But just to use a quick summary, you can buy a business with money you saved for a certain length of time and invest all of your liquid cash into the business. You can buy a business on an owners agreement such as a lease-to-own arrangement. This is where you can run the business, put some financing down to purchase the business, and the remaining balance is paid off in payments for an agreed upon amount of time. You can also purchase a business for little capital, but begin to run the business and pay the owners out with a percentage of revenue or profit for a period of time. The sky’s the limit when it comes to agreements. Chances are, you actually can afford to buy a business!
- Set a Timeline
A goal without a destination is a dead goal. Put a timeline on this purchase. If you don’t you will always be saying, “One of these days I’m going to own my own business.” Don’t be the guy who lives with regrets.
- Reach Out to Oklahoma Business Brokers
While working with Oklahoma business brokers, you aren’t saying that you don’t have the time to find a business yourself. I know for a fact that anyone with enough dragon energy and tenacity is going to find an excellent deal. However, when working with a broker, what you are paying for is an individual to represent you and your needs, assist you in the negotiation process, and above all – you are buying their experience and their network. Why take a good deal when you can find a GREAT deal. Why invest twice as much into the business when you can only invest half, and leave enough capital for your next thing. Work with a broker. It just makes logical, emotional and financial sense.
- Wait for the Best Deal
Here is where your Oklahoma business brokers comes in handy. When you’ve established a goal, and you did it the right way, you are thirsty for that sale. But hang in there. A good broker is going to be your objective, unemotional representative telling you things like, “Wait on another deal. I don’t think this one is as good as we can get and I see this costing you more than you want to spend.”
- Trust Your Oklahoma Business Broker!
If I haven’t already established this, you need a business broker in Oklahoma. Also, you pay a broker to do their job and represent you. So trust them to do what they do best!
- Rally the Troops!
Build your team. You can’t operate your new business without a team can you? Make it happen captain!
- GROW – Wash. Rinse. Repeat.
We say this a lot here at Impact Business Brokers of Oklahoma. But, I’ll say it again. If you’re not growing, you’re dying. Grow the business you just bought. Do the hard things now so you don’t have to later! Grow!