Do Your Homework: Before Approaching a Business Broker to Buy a BusinessHaving These Issues Already Addressed Will Facilitate the Process.
There is tremendous competition for small business acquisitions in the under $1 million range in Houston, Texas. This phenomenon is the result of down sizing and early retirement of executives in their forties and fifties. They want to control their destiny, run their own show, buy and run a business. Most of them want to buy a job. And so are thousands of other prospective buyers from across the nation searching the Houston marketplace.
What Not to Say to a Business Broker in Texas:"I'm looking to buy a profitable company, but I don't know what kind of business I'm interested in. I don't know exactly how much I can put into the deal, but I have some other people that are interesed in helping me finance the purchase. And, I only want to buy a business on which I can cut a great deal."
These types of inquiries will make a business broker's eyes roll! When you have a first meeting with a broker and you deliver this message, make sure you are in a locked room. It will be the only way to be sure the broker will not hit the ground running for the nearest exit!
There are several things you can do to improve your chances of getting and keeping the attention of a professional business broker / intermediary.
In the next few posts, I will go over 5 tips to working with a Texas business broker.
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This information was provided by
Rose Stabler, Managing Partner at Certified Business Brokers in Houston, Texas.
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