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FIGURE OUT WHAT TYPE OF BUSINESS YOU WANT TO BUY Narrow down your passions, interests, skills, and experience. For instance, if you enjoy cooking, is a restaurant really the right business? It might not be when you consider the other components of running a restaurant. People, supply chain, operations, marketing, and other components must be analyzed just as carefully as the physical act of cooking. Although you might just want to buy a business for the financials alone — by its expected return on investment — it’s also important to align yourself with the business's immaterial goals.

SEARCH FOR BUSINESSES THAT ARE FOR SALE There are plenty of ways to f ind the right business for sale that f its the criteria you’ve decided on. These include: • BizBuySell • Craigslist ads. • Classif ied newspaper ads • Asking people in your network of smallbusiness owners. • Chamber of commerce • Working with a business broker. Business brokers have insight into many businesses that are for sale and many more that may be pocket listings. These typically include f ranchise resales which may not be on any of the normal sites.

UNDERSTAND WHY AN EXISTING BUSINESS IS UP FOR SALE There are 2 reasons why a business is for sale, the reason the seller tells you and the real reason. Now that is not always exactly right but many times there is truth to this. There are plenty of reasons a business owner might put their business up for sale, including something as simple as an innocuous lifestyle choice like retirement. Or there might be a more worrisome reason, like a fundamental problem with the business. If you’re about to buy a business, you’ll want to know exactly why the businesses you're considering are no longer working for their current owners. Here are a few questions to ask yourself and the seller while you’re investigating: • Is there a real market for this product or service? • Competitors • Location problems. • A brand or reputation issue. • Inventory difficulties • Old equipment Do your homework and make sure you know as much as you can about the existing business's successes, failures, challenges, and future opportunities. In addition to speaking with the owner about these concerns, and talk to existing customers, existing employees, locals in the area, neighboring businesses and so on. Mystery shopping is always a good idea! Looking at a franchise resale brings in the added opportunity of talking with existing franchise owners across the US. How

are they doing? How do they see their market expanding? How is the franchisor helping to grow their market? NARROW IN ON A BUSINESS THAT ALIGNS WITH YOUR BUDGET, GOALS AND RESOURCES What are you really trying to accomplish? Think about how you would like to live like over the next few years. How much time and money do you want to invest? What are you looking to get out of the business? More time with the family? Need an added income source that will help with retirement? WHAT DO YOU REALLY LIKE DOING? • Have people come to you • You go to them • Working on projects • Overseeing teams DO YOUR DUE DILIGENCE Ultimately, you will need the business to support you and the business. You must do your due diligence and ask for help from people who have bought and sold businesses in the past.

People like myself.

ABOUT THE AUTHOR Hi, I’m Greg Mohr, former corporate ladder climber, author, and 2019 Franchise Consultant of the year at the #1 franchise consulting company in the US and I believe jobs are tools to help us live happy, fulfilled lives. That’s why I help entrepreneurs and corporate holdouts create wealth, financial freedom and security through franchising. Contact me at 361-7726401 or gregmohr@ thefranchiseconsultingcompany.com for a list of franchise resales in your area.