How to buy a business ?

Whilst I go about saving up for my first investment property. I definately would like to be able to purchase an already existing (prefer 3 years old at the very least) business "down the track" as part of my "life plan".

I'm looking at wanting to purchase an already established animal based business especially a vet clinic, pet grooming salon, pet store and other such business where I would be able to involve myself without having to totally involve myself (it doesn't rely solely upon my individual effort to keep it going - I can work on it from home whilst also being 'hands on' within the business).

Can anyone recommend where I should look? How do I go about finding out if there are any vet clinics and other animal based businesses for sale locally (or at least in the South East Queensland region)?

I definately don't want to start one. I would prefer to be the new owner of an already established business. As I have the knowledge of how to turn a business's reputation around into a positive one if the business has been flagging (any established business can be given new life).

I would be willing to even invest initially in another type of business if the numbers were good (and/or the potential) so as to use it as a way to earn more income (and not have to rely on my current primary way of earning a living).

 

Hi GCG

Just as there are agents who sell houses, there are business brokers who sell businesses. Do a google search for say "businesses for sale and gold coast".

There's also a businesses for sale section in the courier mail. Perhaps also in the gold coast paper...

For a pet care business there would be many franchised operations...check out the Franchise Council of Australia for a list.

I'd check out the vetinary journal/magazine/newsletter whatever the professional association puts out. In fact talk to the professional association as well. They may have a "practices for sale" list.

Also get to know the vets in your area...they may be willing to take you on on an earn-in basis...

I've highlighted some areas above about how to FIND businesses for sale. Whether or not a particular franchise or business is a good one is a separate question. A related but distinct question is whether or not YOU should buy one.

Good luck with it and keep us posted on your progress.

Cheers
N.

 

Yes I should buy one. I'm self employed however my primary source of income very much relies on me and my physical "health" as such. If I sprang an ankle or anything, I'm up the creek as I won't be able to earn money.

You could say I'm in a similar position to any professional sports person today. I have a time-frame before I end up being 'done' with the profession... and that if anything happens to me whilst I am doing it.. then I can't do it anymore.

I need to invest in a business so that I feel productive as well as keep producting an income ... and be able to also increase my wealth in a way as well.

I've always wanted to purchase a business (or a franshise) before my first IP. It's my way of taking care of cash flow and income.

The IPs will take care of my wealth.

 

Hi GCG and welcome to our forum.

any business will carry some risk so whatever you find be a little wary unless you know the industry well. Franchised businesses tend to be more expensive to buy and more expensive to run due to the franchisors levies / fees.

Happy Hunting !
Nickm

 

Sorry I probably didn't phrase that well. The point I was trying to make is that you need to be aware that you're not just "buying" yourself a job.

A business where you need to be there even "most" of the time is not a great business in my view.

Cheers
N.

 

I totally understand that especially more so because I am self employed and the fact that if I don't work I don't earn an income in my present "business". I would want to be able to buy a business that already had (or I can hire) competant employees (managers and other staff) so that I am still involved just that I don't have to be there each and every day.

At the same time, I would want a business where I could come in and contribute to its everyday operation as I would looking for something productive to do with my time between investing in property etc.

I'm definatlely not going to "buy myself a job"! Hell no. I want to buy a business that will give me cash-flow, income and help with my "wealth". Plus the fact that I don't mind being "in business" compared to being an employee. I love being my own boss. I just want to be my own boss and not have to rely on me being the primary source/reason for the income as such.

I would only buy into a franchise after extensive research. I would prefer to buy into an independant established business than a franshise tho' I won't close myself off to the opportunities that being part of a franchise can provide, at the same time.

Thank you everyone for your input! I'm enjoying it.