This chapter reviews the primary ways in which you learn about businesses for sale. An elaborate but informal network of brokers are the best direct source of businesses for sale. Although you may be lucky and find your own company by making direct contacts, you are likely to get a much broader lead pool generated with less effort by building your broker network.
This chapter also describes a method for tracking your leads and the typical fee agreement that a buyer broker will ask you to sign. Continue reading
The “Detroit Three” auto companies as we should call them today need to keep one thought paramount as they struggle to survive and begin to grow again.
It’s this: advancements in manufacturing and production -technologies have rendered about 80% of the contemporary automobiles produced to a commodity product. Continue reading
Building a good team is important right at the outset of your search. You will need an attorney almost immediately, to review any confidentiality agreements or letters of interest that must be signed. However, you should also begin to think about the other team members you will need early on in the search process. A good accountant is essential to the adequate review of the seller’s books, and possibly in addition, an independent auditor. Other consultants you need may depend upon your own skill levels and the nature of the business. If you will need outside funding, a financial consultant may be needed. Depending upon your own background in the functional business areas of sales and marketing, operations, engineering and manufacturing, you may or may not require outside help. An environmental consultant is increasingly needed whenever real property is involved in the transaction, to assure that no hidden problems exist. Continue reading