You can own your own business now. Just find something you do well and like to do and act on this passion. Although the possibilities are endless, you can make choices through a trial and error process. If you have been working for others your entire life and have had it up to your eye brows, a move into something of your own may be your best move. I know–but what? This was my story many moons ago, so you may have to go through a similar process to mine to narrow your choices.
If you would consider buying a business, pick up a local newspaper and check the classifieds for active Business brokers in bangkok. Visit one or two or three and discuss different businesses that they have for sale. They can explain each one to see if one appeals to you. This worked for me and it may work for you. But you have to find an agent who will take the time to understand and analyze your desires and capabilities. I wound up buying one and eventually had 3 very successful locations.
Your broker should be able to explain business valuation to you clearly and if he or she can’t, then how can he or she explain to a buyer what your Business brokers online is worth? Make sure your broker is confident in this area.
Making your business ready for a sale: This not only involves making your premises looking good but also your numbers in your balance sheet or profit & loss accounts.
Restaurants come in two categories. 1. Fast food-counter sales. 2. Sit down. Fast food restaurants have computerized cash registers that record the sales into its computer, which has a memory. This memory has daily totals going back to the beginning of the computer’s history. Most owners close out their cash registers at the end of the day and print out the tape of each day’s activities. This does not automatically wipe out the information for the day. The computer does, I am told, have a delete button on it allowing the owner to wipe out the full memory in the computer, in the event of an audit. I have also been told, but do not believe, that an electrical blackout can wipe out the memory in the computer and that is why one seller said he couldn’t give me access to this information.
Prepare. Before you meet up with your potential buyers, make sure that you are prepared. You need to anticipate all the questions that they might throw at you and you must have all the documents they need.
Contract & Closing – Following a successful due diligence period in which all of your concerns have been addressed, a contract will be drawn up between yourself and the seller of the business. Typically this is done between your attorney and that of the seller. (Again, Vested has relationships with many attorneys if you need a referral). If the contract meets all contingencies you have set forth, it can be signed and a closing date set. At closing, the business will officially change hands and you will have completed the buying process. Keep in mind that our brokers are here for you every step of the way to ensure that you are making informed decisions.
All of this publicity has made owning a store in this business a profitable business to own. There is a side to the business that comes to the owner that is not measured in money. That is the feeling a person gets by helping someone that needs help.