Buying or Selling? Either way, we can help. Utilizing thousands of partner brokers along with 35 years’ experience in the dry-cleaning industry we know how to structure your sale. Our sales team will work closely with you to find the right buyer if your selling or the right location if your buying.
Our extensive experience owning, building, franchising and consulting with business owners throughout the US gives us an edge over typical business brokers. When selling or buying it helps to understand the detailed operations, production requirements, equipment knowledge, point of sale systems and more. We can point out benefits and spot deficiencies for potential buyers.
We can also offer assistance to new buyers in getting trained and marketing their new business. Our network includes thousands of partner brokers that help to put your business on the map when you decide to sell and help find the perfect business for you when buying.
How to Buy a Business
Our process to help you buy a business starts with you filling out an NDA on a particular business you are interested in or filling out our Buyer Information Form. This gives us preliminary information about you. The next step is a face to face meeting. This gives you the opportunity to get your questions answered about buying a business. We can give you information about businesses that you are interested in and discuss them with you. It gives us the opportunity to get to know you better so we can do a better job of finding the right business for you. It also shows us that you are a serious buyer because you took the time to have this meeting.
There are probably many questions you have about how to buy a business.
1.What is the right business for me? 2.What is the process to buy a business? 3.How can I figure out how much I’ll make out of a business? 4.How much should I pay for the business? 5.How much can I loan to buy a business and where can I get the loan? 6.What questions should I ask when buying a business? You can get the answers to these and other questions about how to buy a business answered when you meet with us. There is no cost or obligation to this meeting. Contact us to talk to a business broker about the businesses we have for sale, advice on how to buy a business, and to be the first to know about new businesses we have for sale.
Most business buyers will use a business loan to buy a business. We help business buyers get a loan to buy the business we are selling. This is usually a seller loan or SBA loan. Most of the sales we have handled have been financed with SBA loans. We can help a business buyer get an SBA business loan. This is desirable for both parties. The seller finances little or none of the sale. An SBA 7A loan allows the buyer to put down a lower down payment, typically 20% of the purchase price, and finance the purchase over a longer time, 10 years. The loan, a 504 loan, can be 20 years if it finances the purchase of real estate or equipment. We are getting businesses pre-qualified for SBA loans to help sell them. We advertise the low down payment that is required to buy the business. Our Confidential Business Review helps a buyer get financing by providing a report about the business that they can use when applying for a business loan.
Most sellers would prefer that a buyer get a business loan to buy the business from a lender. The buyer may not be able to get it if the financials of the business are not good enough or the business tax returns do not show good results for the last three years. Seller financing may also be needed if the lease that the buyer will get on the business premises is not as long as the term of the loan. A lender will not make a loan with a longer term than the length of the buyer’s lease. Seller financing may be required to make the sale. A loan from the seller is the quickest and easiest way to finance the sale. The buyer normally puts down 40% to 50% and the rest is financed by the seller over 3 to 5 years. The assets of the business are the typical collateral for the loan. As noted above, we get credit information from the buyer for you if this is how the sale will be financed.
Other sources of the money needed to buy a business are:
Self-Directed IRA – There are companies that can convert a buyer’s IRA to one that is self-directed and the money in it can be used to buy a business. Two of the companies are Benetrends and Guidant.
Home Equity Loan – This is a quick way to finance the down payment or purchase price. It also is usually the lowest interest rate for the buyer.
Credit Cards – There are many businesses that got started, or financed, on a credit card.
Friends and Family – If these people are going to finance the purchase, we do require that they verify this directly with us.
These are the most common ways that a buyer can finance the purchase of a business. My Broker Sells, 485 Columbian Street, Weymouth, MA 02190 T: 800-335-0567, F: 781-335-1988, firstname.lastname@example.org
After viewing the businesses listed below, be sure to look at more businesses listed on our BizBuySell site. There are thousands more businesses listed with other brokers in Massachusetts and New England that we can help you with. Just jot down the listing number and let us know.
We want to help you buy a business. To schedule a consultation just call us at 800-335-0567.
Contact us to talk to a broker about the businesses we have for sale, advice on how to buy a business, and to be the first to know about businesses as they go on the market.
Call us at 800-335-0567 or fill out our Buyer Contact Form below.
Looking for a great career?
Are you looking for a real opportunity to make a high income? Do you have a record of success selling to privately-owned businesses? Have you owned a small or medium-sized business? Are you looking for an excellent commissioned sales opportunity? If so, a sales career as a business broker may be for you. My Broker Business Brokers is looking for successful salespeople to add to our team of business brokers. This is a fantastic industry for professional development and excellent commissions. Even given the current economy, we are busier than ever with many strong businesses to sell and numerous motivated buyers seeking a successful business to buy.
To be a successful business broker, you should have the following experience:
5 years of full-time experience in sales.
Experience prospecting via cold calling, letters, walk-ins and other creative methods
This additional education/experience is very helpful:
Basic knowledge of accounting principles and experience reading financial statements, such as tax returns, income statements, and balance sheets
Experience owning or managing a small to medium sized business
We offer an above average sales commission, a marketing program which helps you list and sell more businesses, and training and support to help you be a successful business broker.
If you would like to join our group of business brokers, please contact Robert Devaney by phone at 800-335-0567, email at email@example.com, or fill out our online form.
My Broker LLC, 485 Columbian Street, Weymouth, MA 02190