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Common Questions from Business Sellers
Q:
How do find a business to buy in BC?
A:
It's common for most business buyers to start their search for a business on-line. This can be time consuming and frustrating. Not to mention that the best businesses for sale are rarely advertised, and are sold through a business brokers network of business sellers and industry contacts. We suggest contacting a reputable BC Business Broker as a first step in your journey to buy a business.
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Q:
How do I finance a business purchase?
A:
When you are buying business, there are many ways to finance the purchase price of the business. Some common methods of financing are using you savings, asking a family member or an Angel Investor to provide funds, bank or third party financing, and seller financing. Often it is a combination of one or more of these methods that a buyer will use to pay for a business.
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Q:
Should I use a realtor to help me find a business?
A:
Realtors do have access to businesses to buy, but these listings are rarely vetted before they are listed for sale. So there is considerable variance on the quality of businesses that may be for sale on MLS. You are likely better served to use a reputable Business Broker who is experienced and trained at the complexities of evaluating the quality of a business and negotiating on behalf of a business buyer. Business Broker fees are similar to that of a realtor, but you generally get a more experienced professional.
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Q:
Can you help me find financing?
A:
Yes. We have a network of partners in banking, finance, investment and private equity that we can bring into your deal to help you finance your business purchase. There are advantages to selecting certain types of financing depending on the size and nature of your business purchase and we are happy to discuss business financing with you.
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Q:
Do I need to use an accountant and a lawyer to buy a business?
A:
Generally the answer is yes you do. A business broker will help you value the target business and negotiate on your behalf. But you will also need an accountant to advise you on the tax implications of your transaction or acquisition. In addition, you will likely need a lawyer to inspect any sale documents that the seller may present to you including Land Titles, lease agreements, etc. We work with accountants and lawyers that we can add to your team to provide expert advice.
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Q:
How much does it cost to hire a business broker to buy a business?
A:
In most cases, our fees are paid for by the seller. However, you will likely need to pay lawyer and accounting fees as well as various licensing fees, industry specific fees or municipal fees like business licensing etc. For a business buyer, cost should not deter you from hiring a business broker. Inf fact, it is in your best interest to have a business broker representing your interests.
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