An entrepreneur's chances of finding a good business to buy and actually being able to close escrow just got substantially better with the recent update to the BizBen Business Buyer's Success Program.
It includes a number of time-tested tools that 1) enable the prospective buyer to be prepared to move quickly on the right opportunity, 2) provide early alerts when targeted businesses come on the market for sale and 3) help buyers avoid the problems that cause a high percentage of agreements to “fall out” of escrow.
Most people who express the desire to buy a small California business for sale are not well equipped to be successful. They will spend time and effort in that pursuit but will be disappointed with the results. In fact, 80% of prospective buyers fail to purchase a business. One reason, is that they are aware of only about 70% of the businesses on the market for sale. Another problem is that even if a buyer finds a suitable company and comes to an agreement with the seller, there is a 60% chance that the deal will “self destruct” before it can be completed.
The Business Buyer’s Success Program changes that--teaching prospective purchasers how to use the tools we’ve perfected over the years. By evaluating the effectiveness of the elements contained in the program, we’ve discovered that the entrepreneur following the program--compared to one who is not--is four times more likely to buy a business. We also have learned that the program enables a buyer to cut by two-thirds, the time it takes to find and complete the purchase of a suitable acquisition, and will have a 10% chance vs. a 60% chance of losing the deal before escrow can close.
A timely feature of the program is help getting SBA pre-qualified in anticipation of improved access to money from business lenders in the next few months. Increased availability of funds for business purchases is a benefit of the new Federal Small Business Jobs and Credit Act of 2010.
The program is available in two versions. Many of the features are available to those who sign up for the Basic Business Buyer’s Success package, available at no charge. This is ideal for the person not sure yet whether he or she is ready to buy a business and who simply wants an idea of what’s available. For serious buyers committed to finding a good business to acquire, the Pro version, obtained with a one-time fee of $49.00, includes a number of valuable additional benefits. They including access to information about more listings, early alert when a business that meets the buyer’s criteria has just become available, the popular book “How to Buy a California Business,” (a $19.00 value), a mechanism that notifies sellers and business brokers and agents about the buyer’s particular interests and abilities, and consultation with experts when the buyer wants advice regarding some aspect of purchasing a business.
Though the statistics for the general population of prospective business buyers suggest they probably won’t achieve their objectives, the updated Business Buyer’s Success Program enables motivated buyers to beat those odds, substantially improving the chances of finding and completed a transaction to buy an excellent California small business.
About The Author: Peter Siegel, MBA is the Founder of BizBen.com and the Director of the BizBen Network. If you are searching to buy a business make sure you are a part of the BizBen Business Buyers Success Program and get the word out about your search criteria to all business brokers and agents in the area that your are looking to buy a business. If you have questions about buying a business or about the Business Buyers Success Program please feel free to phone Peter Siegel at: 866-270-6278.
|Helpful Resources To Assist In Selling And Buying California Businesses|
|Elizabeth McGovern: Escrow Services - SF Bay Area
McGovern Escrow Services, Inc., is a leading independent escrow company. We are a trusted partner with our clients, assisting them through the tangled bulk sale & liquor license transfer process. We provide attentive, quality & innovative customer service. Phone Elizabeth McGovern at 415-735-3645.
|Brad Steinberg, Broker - Laundromat Specialists
PWS is the leading laundromat broker in California. Since 1968 PWS has brokered over 2,500 laundromat sales. With over 90 employees dedicated to the coin laundry industry, PWS has 18 licensed agents, a 3 person in-house finance department, 10 service technicians and a 20 person parts department.
|Ranvir S. Sandhu, Esq. - Legal Services For Buyers And Sellers
I've worked at top Bay Area law firms and have extensive experience with business entity formation, mergers, dissolutions, conversions, employment matters, including experience in reviewing and negotiating transactional documents such as leases and purchase agreements.
|Janet Carrera - Escrow & Bulk Sale Services - SF Bay Area
Redwood Escrow Services, Inc. is a full service, licensed independent escrow company. We are EAFC Fidelity bonded, fully insured & licensed with the Department of Corporations. Committed to offering our clients the most comprehensive variety of escrow services available. Phone Janet at 510-247-0741.
|Willard Michlin, CPA, Certified Fraud Examiner, Due Diligence Services
Willard Michlin, CPA #106752, offers buyers step by step training & assistance in doing Due Diligence Services when they are thinking of making an offer, or are in process of investigating a business purchase. He helps to determine the actual net profit even when there is cash. Call 805-428-2063.
|Joe Sandbank, Esq. - Legal Services
I have provided legal counsel to business buyers, sellers and brokers for over 17 years. With prior experience as a business broker and SBA loan officer, Joe brings both a practical and legal approach to all aspects of the business acquisition process.
|Mark Chatow, Esq.: Legal Services For Buying, Selling Businesses
Mark has a broad range of small business purchase & sale experience from analyzing potential acquisition targets to successfully guiding buyers and sellers through the purchase & sale of small businesses. Mark can assist with contracts, negotiations, legal matters, etc. Reach Mark at 949-478-8393.
|Helen Yoo: Escrow & Bulk Sale Services - Southern California
New Century Escrow, Inc. is a fully licensed & bonded independent escrow company. Over 20 years combined experience in handling bulk escrow transactions. Multi-lingual staff that speaks your language, including Korean, Chinese, Vietnamese. Call Helen Yoo direct at 626-890-1151.
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