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10 Major Mistakes Business Buyers Should Avoid - Procrastination

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mistakeMistake #1 - Procrastination

Something changed in your life and you decided to own a business. You could probably start it from scratch, but considering all pros and cons decided to acquire an established business. Well, it's a very wise decision as long as you do it right. Unfortunately, new business buyers make many mistakes that make business acquisition much harder, some times causing substantial financial and emotional hardship, other times loss of otherwise promising business altogether.

 

Let's review 10 major mistakes that business buyers make that prevent them from successfully buying a business.

 

Mistake #1 - Procrastination

Being a business intermediary for over ten years, I see same business buyers on the market year after year after year... Are they serial entrepreneurs who expand their business by series of acquisitions? Does it mean that there are no good businesses on the market? - No, they're simply people who aren't capable to make decision. Some people call them "lookers", others call them "tire-kickers". They can always find a flaw in a business, keep researching it to the ground, until somebody else bought it right from under their nose. When they lose another opportunity, it gives "lookers" a relief, rather than disappointment.

Maybe it's a good thing that "lookers" never buy a business because being a business owner is all about making decisions. Luckily for "lookers", procrastination protects them from owning a business that they're not qualified owning in a first place. Inability to make a decision in buying a business protects them from not being able to make a decision while running a business.

However, for all other good folks who indeed want to own a business, procrastination may become a dream killer. Any business acquisition involves risk. Trying to find a deal with no risk is impossible. Therefore, find a deal with level of risk that you can tolerate and move forward with acquisition. Start making offers, checking out businesses, get your feet wet. You will be learning a lot and raising your chances of acquiring a GOOD business.

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Guest Sunday, 25 June 2017