Find a seller BEFORE the business is for sale- How to buy a Small Business – David C Barnett

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hey everyone so Ian wants to know how he should go about identifying businesses that he wants to buy and then get in contact with the sellers before they put the business on the market hey there everyone it’s David Barnett from David Seaborn Netcom the blog site and associated YouTube channel where I talk about buying and selling small businesses local investing personal wealth issues for entrepreneurs and anything else that my viewers or readers want to ask me about today Ian wants to know how do I go out and identify businesses that are not yet for sale and communicate with those people and try to get them to sell their business well to Ian basically he wants to get out there ahead of people putting their business on the market Ian that makes a lot of sense in fact it’s one of the main things that I teach in my online course at business buyer advantage com if a seller gets out and goes and puts his business for sale with a business broker one of the downsides for buyers is that a whole bunch of buyers could show up and compete with each other to drive up the price of course that’s that’s what the seller of the business wants of course the downside for the seller is that he’s often got to pay a big Commission in order to achieve that kind of competition and if the competition doesn’t happen then you know the seller still has to pay that commission one of the things that I took into account when I was designing my online course business buyer advantage was to show people the process of buying a business but then for people who had not yet identified the business or the type of business that they wanted to buy I then created a follow up program which is a 12-step self-study coaching program called the next step and what you’re asking about is exactly what the next step is all about so in that program what I do is I go through step by step and help people do a self analysis to determine what kind of business is going to be the business for them we then do a financial analysis using spreadsheets that I built to show you the likely size of the business that you’re going to want you’re number one you’re going to need to buy to produce the cash flow that you have to that you require to support your family and number two what fits within the financial resources that you have available once we’ve done that we can then go and create a list of the potential targets and you can start to contact them and I’ve actually got a whole system in that coaching program about how you break the ice and begin communicating with those people and how you keep in touch with them over the course of time because of course people aren’t necessarily gonna respond to the first communication that you make and say yeah you know I want to sell my business I’ve never thought of it before what happens is business owners over the course of time become either increasingly dissatisfied in being a business owner or other things in their life might change over time or suddenly and what we have to do is make sure that we have communicated with them and they know who we are before that change happens so that when they finally decide yeah now is the time I need to get out of business they already understand that they have a ready potential candidate in you so in what I would recommend if you haven’t already is to do business buyer advantage the online course and then the follow up program the next step the whole investment is just a few hundred dollars it all comes with a 30-day money-back guarantee if you’re not satisfied but this question of yours is gonna be answered in very detailed fashion and it’s going to actually give you a step-by-step plan of how you can go identify the businesses find them communicate with those people and and get them to start talking with you before they put their business up for sale if you haven’t already everyone go to David C Barnett com sign up for my email list I send out emails like once a week and every once in a while when there’s something special I want to tell people about and if you ever want to talk to me directly personally you can access me easily any time just by going to Clary dot FM slash David Barnett where you can just sign up for a call I do a few of them every week and I’d love to speak to everyone out there thanks and we’ll see you next time