How to Find a Small Business for Sale in South Africa - Some Tips to Find a Small Business that Matches Your Requirements.
Many people are under the false impression that becoming an entrepreneur means you need to have creative ideas of your own to start the entrepreneurial journey. However, there is another, more convenient option for those who don’t want to begin with a blank slate. Here’s the secret – look for a small business for sale.
If you are confident that you can run and improve a small business that has been established already, then there is no need to create a concept from scratch. Business brokers are available to help you find a suitable and profitable small business for sale in no time.
Tips to Find a Small Business that Matches Your Requirements
Finding the right business to buy can take some time, especially if you have a specific type of project in mind. Just like seeking properties to rent, you can locate businesses in many ways. Although, it can take a bit of effort to get all the necessary information needed to make your purchase. With the assistance of brokers, you can easily get all the facts you require faster. Below are some ways to look for a small business for sale:
· Contact a broker and ask to be alerted about opportunities in the desired location.
· Browse classified sites and social media groups.
· Place your own ad and let entrepreneurs, who want to sell, contact you.
· Inform your circle of corporate contacts that you are on the lookout for a small business.
It is crucial to learn everything about the location of any business before purchasing. Take a drive through the neighbourhood and speak to the locals. Get an idea of whether the area is known for regular foot traffic, or if it is seasonal. Make an appointment with the broker to view the premises to see if it has good visibility for customers. Also make sure there are ample parking spaces to allow for enough clients to visit at the same time.
What to do after spotting the ideal small business for sale
If you have found the right opportunity with the help of brokers, then it is a simple process to collect all the data and seal the deal. When other methods were used to seek out an opportunity, you have to gather a few documents and do research on your own. You can still at this stage call an expert for advice and guidance through the sales process. Before you can take over a retail shop, restaurant, or online company, etc. it is vital that you gather the following:
· For a physical store, you need contracts and lease agreements.
· Financial statements of the company.
· A list of all stock, fittings, equipment and other assets is a must.
· Non-disclosure agreement for the sake of sharing certain details that is not available to the public.
· Lastly, you will also need to get a letter of intent ready.
You will want to get in contact with a lawyer to assist you in the collection of sensitive information and all legal documents. However, if you work through our business brokers, you can expect a lot of work to be done for you. Give your accountant a call as well to get your side of the deal ready. If you have not yet found the right smallbusiness for sale, get in touch with our brokers. They will help you save time and frustration because they are committed to understanding your requirements.