Are you ready to be your own boss?
By Frank Merenda, CMEA, Member, Business Broker Network
Many executives in transition
are fed up with the corporate world and the lack of control
over their career and lives they really have. Those that
wish to move outside this cycle are looking to buy a
business in an area of interest to them, and one where they
can bring success. In fact, more than 70% of the buyers
we work with are first time buyers, most of whom have
been downsized out of Corporate America. But, just having
money from personal savings, or a newfound sum of money from
a separation package does not automatically qualify the
executive to be a private business owner.
While many executives feel
they can find a suitable business themselves through network
contacts, a business broker can significantly speed the
process of locating suitable businesses through an extensive
network of business brokers and business contacts. It would
begin with a confidential meeting, to discuss your business
interests and location preference. A financial history will
be required to pre-qualify you as a buyer in a particular
purchase price and down payment range. An initial search
will show what types of businesses would be available.
If you decide to engage a
business broker, a marketing plan will be prepared for your
approval, and the search begins to meet your interests. You
must accept that the business broker will be an agent for
the seller, although contracts and checklists provided
through the business broker will help bring a fair deal to
both parties. All will be done while protecting your
confidential personal and financial profiles.
When a suitable business is
found, the broker will present you to the seller, and
coordinate final negotiations and ultimately the closing.
The goal is to make the process of acquiring the business
you desire as quick and rewarding as possible.
Frank Merenda
(flmerenda@jriassociates.com,
www.jriassociates.com) is a BBNSM
affiliated business broker, located in Paoli, PA. Frank has
worked more than 25 years with international manufacturing
concerns, and has made the leap to private enterprise. He
can provide excellent insight to the executive thinking of
purchasing or investing in an operational business.
