One of the first questions that a buyer asks about a business is “Why is the owner selling?” They don’t want to buy a losing business that the seller is trying to dump. Buyers are looking for a good business that is profitable, or at least can become profitable with the right management.
While there are good and bad reasons to sell, there are many situations that shouldn't frighten buyers.
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The owner is retiring.
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An estate needs to be settled after the death of the owner.
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The business has grown too big for the owner. (This is usually time to transition from owner operator to a management team.)
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The health of the owner (or family members) prevents them from managing the business.
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Relocation is necessary for another family member.
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The owner hit the jackpot and doesn't need to work anymore.
There are unfortunate reasons that a buyer would not consider buying a specific business.
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The company can no longer compete with overseas manufacturing facilities.
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The economy has devastated the customer base and the market is no longer there.
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The industry has become obsolete or very unpopular.
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New competition is coming to town with a better product and lower cost.
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The owner has run out of money to inject into a losing proposition.
And last, some unfortunate reasons for the seller are great opportunities for the buyer. Some buyers are looking for these.
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Management has mishandled (through malice or incompetence) the finances or operations. While this situation may force the owner to sell at a discount, it could be a great opportunity for a buyer with experience to come in and repair the company.
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There are irreconcilable differences between the partners (sometimes spousal partners).
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The owner has been unable to adapt to our changing economy and market trends. (Technology is just not for everyone!)
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Lack of working capital can put an underfunded owner out of business. It may just be too early for the business to be generating enough profit to keep it growing.
Buying a Business in North Carolina
We have found that buyers are best served by our experience with the business sales process. We will guide you through the maze of what you need to do to own your new business. Our contacts with finance, SBA, and the legal professionals in the Raleigh area are often key in getting a buyer quickly through the sales process. Our goal is to place the buyer in a profitable business that fits their interests, needs and finances while leading them through the entire process smoothly. When you buy a business in North Carolina through Corrigan Associates, you will be treated as a professional. We may have a business listing in our inventory, or we will use our proactive marketing approach to find you the business that fits your needs.
Confidentiality & Privacy When Buying a Business
Our entire foundation is developed on selling businesses without customers, employees and suppliers finding that it is for sale. This way the business can sell without negative repercussions to the business. We qualify all buyers and have them sign non-disclosure agreements before learning anything about the business.
To get started in your business search, please complete the form below.
Your information is kept strictly confidential. We will contact you shortly.