Monday 22 February 2016

Are You Considering Buying a Restoration Business?

Posted by at 11:52 AM in

Are You Considering Buying Restoration Business?

If you are considering buying restoration business you’ll want to read what I have to say about the buying process. Researchers tell us that 93% of new small business buyers have never operated, bought or sold a business before. Imagine that – this is perhaps the most life-changing financial decision that one will ever make and the buyer has no previous experience in the matter. Not only this but they have NO experience in the industry they are buying into.

These prospective buyers have NO experience with water damage, insurance claims, Xactimate estimating, reconstruction services, subcontractors, and all the many facets that make up business life in the insurance damage repair industry. The more the buyer knows about the water damage repair industry, the prospective business’s internal operations, and the local market the safer and sounder the buyer’s decision will be before they sink their hard earned cash into a purchase.

What does a buyer need to know and understand about a business before they buy? Brokers tell us that sellers should spend two years or more getting their business ready to sell if they want a top dollar sale. Buyers should also take time to put into place a viable process that will lead them to a quality company and a good buying decision. Acquiring a business is so much more than simply agreeing on a sales price.

A buyer should thoroughly understand the Company’s history, its operation, its sources of revenue, its performance trends, its personnel, its financials, as well as its potential future performance and growth opportunities. Buyers should understand that business brokers are not the same as business consultants.

Brokers are committed to one thing - the sale of the business. Few brokers have ever owned a restoration business and most don’t specialize in this unique industry. It is easy in a transaction like this for the Buyer, who themselves may have little firsthand experience in the industry, to not fully understand what information is available and needed for a comprehensive due diligence.

This is the reason why The Business Buyer’s Edge and The Restoration Entrepreneur are so vital to your successful acquisition. The Business Buyer’s Edge is a Coaching Plan that provides prospective buyers with an Initial Information and Final Due Diligence Checklist comprised of 16 categories of information and 120 items of disclosure. This comprehensive list arms buyers with all the relevant information about every key aspect of the business.

The Business Buyer’s Edge helps you can make the best buying decision for you and your future. Don’t be a remorseful buyer that looks back after closing disappointedly wishing that you had looked more deeply into the business that you now own. Become a highly satisfied buyer knowing exactly what you purchased with a clear plan in place to take your new business to its next level of growth and development.

The Business Buyers Edge gives you the edge to do just that! Visit us at www.growmyrestorationbusiness.com to learn more about all of our Coaching Plans and browse through more than 75 free eBooks, blogs, podcasts, and webinars offered to help you be a successful entrepreneur growing your restoration business and managing your business like a pro!