For some people, owning a business is a chance to:
- Be their own boss
- Have job security
- Control their hours
- Build equity
Often when people think of owning a business, they think of starting a business, from the ground up. Did you know that starting a business has a 50% chance of failing within the first 5 years, it will likely take twice as long, and cost twice as much as buying an existing business?
For that reason, purchasing an existing business provides excellent benefits, including:
- Cheaper, faster and safer.
- Immediate Cash Flow: You have profits from day one and access to immediate cash flow. A proven track record and existing cash flow make it easier to get financing for the acquisition.
- Competition: You don't add to the competition for customers in your market.
- Existing customers: You are purchasing an established customer base and goodwill.
- Working systems: Operations are already in place including product, suppliers, employees, and computer and administrative systems.
- Seller assistance: Training from the previous owner to ensure a successful transition.
Buying an existing business can often make more sense than starting a business. Contact Bridgepoint to see how we can help you find the right business.