Happy New Year! We hope you managed to get some quality downtime during the festive season and are ready for a big year ahead.
With one month almost down already, we are certain this year is going to go just as fast as the last, if not faster. VBA is excited to introduce to you, our newest team member who will undoubtedly be an incredible asset to our clients.
Business Broker | Advisor
George has spent his entire career in SME businesses. Since 1998, he has coached and mentored senior executives and management of multinationals and franchise groups in the Hospitality and Food & Beverage sectors... Read more.
With the year well and truly awakening in the business sales sector, there is a lot to think about as a buyer. Markets and industries are evolving, transactional practices are changing, some businesses are continuing their strong performance whilst others that were looking good last calendar year may be retracting.
One thing is for certain - quality businesses will always sell.
"Quality" means different things to different people, so now is a great time to reflect and question, what does a quality business mean to me?
Am I looking for an underperforming business with strong capital growth or am I more focused on acquiring a business with reliability and consistent returns?
Is it important for me to find a business with a highly competitive advantage and/or is the location of the business-critical to its success?
Are the staff a huge asset to the business or are there substantial efficiencies that could be made within the organisational structure?
There could be hundreds of questions that are relevant to you, however, perhaps the most pertinent is, "am I being realistic in my expectations?" The most dangerous aspect of looking for that “perfect business” is never buying. It can be very difficult and confronting to take the leap, so before you keep looking, here are 3 simple questions to help you start the year with some clarity.
What is my skillset? – Write down your 3 best skills, for example: marketing, sales, and HR. You want to look for a business that is lacking in those areas so you can add the most amount of value.
What am I passionate about? – Buying a business in an industry where you don’t have some level of passion is a recipe for a quick re-sell. Don’t use purchasing a business as an exercise to “try something new” that you think you might enjoy as many buyers do.
How far do I want to travel to work from home? - For some, the closer the better, others like the physical separation between home and work. Decide what works for you.
To expand on this simple thought-provoking exercise, check out our first video of 2020 below about buying a business.
Finally, at VBA, we are known for presenting businesses through the most transparent lens possible so that you can make the best decision based on your individual needs and circumstances. It is our commitment to never sugarcoat businesses listed for sale and always tell you exactly how it is. You can be assured that we will continue to deliver non-biased presentations of businesses. We sincerely look forward to working with you.
Daniel and Dan
Now that we have laid all of our operational infrastructures, 2020 is all about marketing through education for VBA. Please head to our youtube channel by clicking here, subscribe and hit the notification bell so that you can be alerted when any new videos are posted.
Video 1 – Before you start looking for a business watch this.
Do yourself a favour and take 15 mins to watch this video. Almost all buyers skip at least 2 key points before they start looking and it costs them enormously during the enquiry/offer process. As a buyer, there isn’t a worse feeling than missing out on a business because you weren't prepared.
Video 2 – Introducing MYBIZSALE.COM.AU
Along with our VBA website, this can be a great place for buyers to head to catch a great deal and connect with the sellers far earlier on in the sales process. It is our brand-new product which does not charge sellers commission, so they have a lot more flexibility when negotiating on price. MYBZISALE.com.au is designed for sellers and buyers of businesses under $500k.
Our mission is to transcend the standards of the business broker industry, and this means so much more than just selling businesses.
We would love for you to be part of our community.
From all of us at Vision Broker and Advisors, we really look forward to working with you.
Good luck, and make sure you have a look at our business for sale.