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Buying my first business?

Buying my first business? Topic: Business plan financial company
June 24, 2019 / By Balthazar
Question: I have been looking online in purchasing low cost businesses for me to get acquainted with. My aim is to hopefully become a business broker with experience in buying, running, and selling businesses. There are a good amount of businesses around my area for $4-$60k. I just wanted to get some opinions or advice from you guys before making such an investment. Thank you!
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Best Answers: Buying my first business?

Xara Xara | 10 days ago
A family friend owns a very successful private acquisition company (Annual revenue is in the low billions). Before you look into buying/selling business's, you need to sit down and figure out a plan. - What are you good at? If you are knowledgable in Finance, you should look at purchasing financial companies. If you know the construction business, or retail market, purchase those types of business's. Bottom line, go with what you know. Don't buy a company thats in a market you know nothing about. - Don't jump into anything. I know the feeling of wanting to jump in on an idea, except you need to make sure that its a good idea first. DO YOUR DUE DILLIGENCE. Make sure the business is in good standing, and actually has good profit potential. - Don't plan on short term sales. Starting out, you shouldn't risk buying a company with the intent to flip it. Its very risky. Purchase, and build the company up the right way. Not only will it increase its value, it should also be profitable, allowing you to invest in more companies. If you have anymore questions, feel free to email me
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Xara Originally Answered: How do I start up a business with buying wholesale and reselling?
If you enjoy this business, start small then build on it. With the small profit you make, you can use this to keep purchasing more products. How are you selling your phone cases? Online? Make sure you take clear and nice photos. If you plan on selling top of the line cases, try and offer something your competitors are not, like maybe add in a free gift such as a screen protector or sticker, etc. It's a long process, but if you stay motivated and keep reaching towards your goal the rewards you get from doing it will be completely worth it. Good luck! :-)
Xara Originally Answered: How do I start up a business with buying wholesale and reselling?
it is unlikely that you actually bought wholesale; you likely bought at discount in bulk load;that is not buying wholesale. .... if I was to buy the really nice ones I wouldn't be able to competitively price the products.... --sure; do [market] research and write a biz plan find UNMET needs in this field and make sure you are passionate about it --at this stage, I am guessing you have a hobby that is generating sales can guide further

Xara Originally Answered: Buying a house?Iam kinda new?
You really need to find a realtor who you trust. The Realtor will walk you through the process and answer all of your questions. As a buyer, you won't have to pay the Realtor's commission, that will come from the seller. Also, if you drive by a house you like, don't call the number on the sign. That number is for the seller's realtor. The seller's realtor represents the seller first, and no matter what they tell you, they are interested in what is best for the seller. Their goal as the seller's agent is to get the house sold for the highest price possible. You need to have your own agent separate from the seller's agent. As for the paperwork etc, here's a general overview of the process. You or your agent find a house you like. Your agent arranges for you to look at the house (go inside, look around etc). If you like the house and want to buy it, you write an offer. Your agent will submit the offer to the seller's agent. You also need to put down "earnest money" which should be at least $1000. If you back out of the deal without a good reason, the seller will get to keep the ernest money. Your offer will be contingent on inspection and financing, meaning if you don't like the results of the inspection, or can't finalize your loan, you are free to back out of the deal and you'll get your earnest money back. The seller will review your offer. If they accept it, the process moves forward. They will sometimes counter-offer asking for a higher price or wanting to change the terms. This can go back and forth several times. Once you reach an agreement that both you (buyer) and the seller agree to and sign, the process moves forward. You choose an inspector (your realtor can recommend someone) and they come inspect the house. If you find problems, you can either back out (and get your ernest money back) or offer a new contract that involves either the seller fixing the issues, or the seller allocating some money that you can use to fix the issues. If you accept the inspection, or come to a new agreement about how you'll get the issues fixed, you move on to the appraisal. The bank will send out an apprasier who figures out exactly how much the house is worth, so the bank can lend agaisnt the property with confidence. Then you'll meet with your loan officer and review the "good faith estimate" paperwork. Then you'll meet with a title company and sign a stack of paperwork that is about as thick as a phonebook. Then the title company will get the sellers to sign the paperwork at a different seesion. Then the title company will take all the paperwork to the county records office and process the sale. Then your realtor will call you and say "Congradualtions, your officially the owner of the house." As you can see its a long and complicated process, and you need to make sure you have a trustworth realtor who represents you, and only you in this transaction.
Xara Originally Answered: Buying a house?Iam kinda new?
first of all get pre-qualified to buy. Any loan professional will need your last 2 years tax returns and last full months pay stubs. If you have the down payment as well as closing cost in hand then start Next by getting a realtor that a friend or family member recommends to you. Once you find the house have the loan officer submit your file an close. I also recommends that you have an emergency fund in place with 6 months projected living expenses that is used only for life's emergency's and replaced if you ever have to dip in as life is not certain and at some point something will need to be repaired. Also never buy as much home as you can as you need a life with a mortgage not just 4 Walls around you I am a mortgage banker in TN & KY
Xara Originally Answered: Buying a house?Iam kinda new?
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