Are you interested in buying a business? Is the thought a little daunting? Have you thought it through, and made the decision to look around and see what’s available? Buying a business need not be a difficult and stressful process, provided you approach the task with common sense, and a semblance of knowledge regarding the type of business you are interested in. In other words do some homework. Talk with your experienced business people that you trust, seek their opinion and learn from their experience- especially talk with your accountant. Accountants can be great help with understanding the financials of a business and you should seek (and heed) their advice in that regard.
Let me say however accountants are not retailers, nor are they business valuers, so be selective when seeking that advice and consider their advice or you may miss out on a great opportunity. Be conscious of your own ability and needs. Sometimes buyers are completely unaware of what to expect or how a particular business operates. Some things to consider and take into account are: – Consider your own abilities, strengths and weaknesses – Perhaps you’re not great at math and the thought of budgets, P&L’s, financials, calculating wages and so on scare you a bit. Well there are some businesses/franchises whose “Point of Sale” (POS) systems handle everything for them. All that is necessary is for you to “follow the bouncing ball”, so to speak- and you can to get on with growing the business. This is the case in most of the newsagencies for sale on today’s market. Ease of operation – Modern POS systems take a lot of the worry out of running the business. They handle everything from stock control, ordering, selling and stock take, to wages, holidays and other entitlements. Newsagencies for sale on today’s market have a long history of success and are backed by the Golden Casket, and magazine publishers, whose electronic systems of operation are long established with new owners given full and complete training History of the business – I don’t just mean how long the business has been operating. I mean its history, how old the industry is, how well regarded it is in the community, is it a focal point, a destination point for shoppers and lookers alike. This is one area where newsagencies surpass nearly all others. Position – I don’t know about you, but I hate driving in traffic and the thought of starting my day spending 40 or more minutes getting to work in traffic does not appeal. Be conscious of your travelling time, less time on the road means more time to work on your business – and to arrive at work fresh and ready to go. These are a few ideas and tips to keep in mind and are vital to making a considered decision. I will touch on a few others in my next blog. Again, as I said last time if you have any questions or would like to enquire on what newsagencies for sale are currently listed on my books I welcome your call. My name is Neil Barry you can reach me on 0419 720 262 I am the Newsagency specialist for Benchmark Business Sales.
Neil Barry is in his 7th year with Benchmark.Neil Barry is the right person to discuss your needs with, as he has great insight, knowledge, skill and understanding of retail, small businesses and franchises for sale. Neil has 20 years of experience as the owner of a newsagency business, and ten years as the principal of a large real estate agency – running two busy offices. In addition to the sale of post offices and newsagencies, Neil sells all types of businesses, including Self Storage facilities – and wineries.