Timeframe Of Finding A Deal.

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by a searcher
in New York, NY, USA

2yrs ago

Timeframe Of Finding A Deal.

There is lots hype and claims out there that people have found their deal in 6 months to one year which I deem to be unrealistic for the majority of us. The search tends to take long than 2 years or beyond due many factors especially if your focus is one typical industry. Businesses that make more than 7 figures in revenue, that have been in business for aleast a decade have less than 500 business nationwide in databases and the one that make 6 figures and less tend to have so many in the databases but they have many operations challenges just to know most of those owners have glorified jobs which most of us wouldn't want that because we want to buy a business not a job. Any thoughts?

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reply by a lender 2yrs ago
from Eastern Illinois University in 900 E Diehl Rd, Naperville, IL 60563, USA

We are a Commercial Loan Brokerage Shop and we work with many clients searching for businesses. We have clients that end up buying the first business they get serious about a few months in, and we have other clients that have been searching for several years and have yet to find the right business. The things I consistently see and hear from the searchers that are more successful is the following:

1) Proprietary searches tend to yield better results then broker deals. There is less competition and more of a direct relationship formed between the buyer and seller.

2) Do not keep your search criteria too narrow. If you keep the geography or type of companies you are looking for narrow, then it will be much harder to find a good business that fits your needs. I cannot tell you how many times we have had clients tell us they found a business that was not what they were looking for but still fell in love with it and bought it.

3) Do not be afraid to make offers on businesses you like, even if you think the request is too high, and then try to negotiate a deal or get creative in your negotiations (large seller notes, forgivable seller notes, etc.). Just because a business is listed "too high" does not mean you cannot find a way to make a deal work.

4) You have to put out a lot of LOI's to find the right deal.

5) You have to work at it. It can be a full time job. The right deal typically will not just fall in your lap.

I hope this information helps. Again, just a perspective from what I am hearing from clients as a lender. Good luck with your search.

reply by a lender 2yrs ago
in Stuart, FL, USA

As a former business broker and someone who has closed (lending) on hundreds of these deals, the truth is... and nobody wants to say this, most businesses that are listed for sale suck. But, that doesn't mean that is not the best time to buy it. It sounds like the problem you are encountering is: the type/size/revenue/ etc. you are looking for with wonderful management in place, is the type of deal everyone is looking for. There is almost always something you need to jump in and fix or hope the seller didn't mislead you on. I have owned over 20 of my own businesses and helped countless others get funding for them. To think (not saying you do) that someone is going to find the perfect business making a crap ton of money, everything is perfect and they will just be walking into a CEO position is a pipedream. Not saying that has never happened, but for 99.99% of deals, it doesn't. A lot of the time (if not most) the type of listing you are referring to are "pocket listings" and the broker's don't share them out on the regular boards or MLS. Every good broker has as least 5 to 10 ready, able and willing buyers to buy their ":great listing" should they get one so they can keep both sides of the deal. Not trying to be mean, just being brutally honest like always. If anyone wants to knows the tricks to the trade and how to go about these deals successfully, fell free to reach out to ma anytime. I don't train the largest business brokerage firm in the world on SBA funding and structure for nothing. Thanks and hope this helps.