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We will contact you within 15 minutes. Submit a request and your personal manager will contact you within 10 minutes! Please enter a valid phone number. Identify the Right Property There are a number of factors to consider when looking for suitable commercial real estate to purchase.
The old adage "location, location, location" is true for commercial properties just as much as it is for residential. But there are other issues at play, as well. Here are some things to consider:.
Do Due Diligence and Evaluate the Property After you locate the right property, you go to contract and commence a one- or two-month period during which you need to do your homework. Now is the time to revisit your objectives, and ask yourself if the property you have identified helps you meet or further your stated objectives.
Beyond that, this is where your team of trusted advisors plays an important role. A broker will often help bring in third parties -- engineers, appraisers, environmental analysts -- to help verify the condition of the property, its prior use, and any potential liability issues, whether structural soundness or necessary upgrades of electrical wiring.
If you find any problems, you may have the opportunity to renegotiate with the seller or sometimes to walk away from the deal. During good economic times, there are a host of attractive financing options available to small and mid-sized businesses. After the global economic meltdown, starting in , banks tightened up credit and limited many of these options.
Your attorney and accountant play key roles here to ensure contracts are sufficiently detailed, and structured to your maximum advantage. You need to envision every possible contingency, and make sure it is covered -- clearly and unambiguously -- in the contract.
Everything from air rights and other zoning laws to the nuances of existing tenant leases and tax requirements must be understood here. You also need to verify -- and re-verify -- the financial terms associated with this purchase, to confirm you are ready to pull the trigger. At this step, you should also update or add to your original business plan, to cover the specifics of this acquisition; this is when your plan comes to life. Once the purchase takes place, it is imperative that you implement and execute on the plan without procrastination.
How to Pick a Site for Your Business. Pick a Location for Your Business http: Enter your email to reset your password. Or sign up using:. Straight to Your Inbox. Consider using a local bank that knows the local business environment and can offer ongoing, in-person customer service. Be sure all taxes, licenses, permits, inspections and other local, state and federal requirements are up to date at the time of the sale. This is another valid reason for hiring an attorney and an accountant for your business purchase.
Matt McKay began his writing career in , writing training programs and articles for a national corporation. His work has appeared in various online publications and materials for private companies. McKay has experience in entrepreneurship, corporate training, human resources, technology and the music business. Skip to main content. Your banker can also provide valuable free advice regarding certain financial aspects of the business. Ask the business owner to continue working for the business after purchase to ensure a smooth transfer and answer any questions as you learn the operation.
Always weigh the pros and cons of buying an existing business with starting a new operation. References 3 Small Business Administration:
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Dec 12, · As you plan for the business you purchase, you start by making an important choice: business plans can be either for startup new businesses or for already-existing and ongoing business. When you buy a business from somebody else, either option is acceptable/5(4).
Don’t buy a business plan. Develop your plan, write your plan, but don’t buy one. Buy business plan software, or books, or blank templates, if you insist. We would like to show you a description here but the site won’t allow us.
Dec 12, · If all goes well, you and the business owner will agree on a fair price as well as other aspects of the purchase, such as which assets you will buy and the terms of payment—most often, businesses are purchased on an installment plan with a /5(2). The creation of a formal business plan is an often overlooked step in the process of buying a business. Though the company you want to buy may already be up and running, establishing a well.