9 Signs You Need to Buy an Existing Business
The saying goes, “If you want your dream job create it.” At BizON, we say if you want your dream job buy it! There are significant upsides to buying an existing, established, profitable business or franchise – but here are some signs you might notice that are subtly nudging you to pursue the world of entrepreneurship through acquisition (“ETA”), a fascinating, challenging and fulfilling experience. With that said, I’ve curated a list of 9 signs it might be time to buy an existing business based on the wisdom of some my partners, mentors and BizON power users (I added one of my own too!):
- Great idea, but you are too small. Buy for critical mass and relevance. – Marc Caira, Former CEO of Tim Hortons
- Buy to get rid of your competitors. – Marc Caira, Former CEO of Tim Hortons
- You hate your 9-5 and want to lead. – Nunzio Presta, Founder & CEO of BizON
- If something is clearly strategic to your existing business and it’s cheaper than building. – Bruce Croxon, Former Dragon on Dragons Den and Founder of Round13 Capital
- If your spouse wants you out of the house (haha)! – Bruce Croxon, Former Dragon on Dragons Den and Founder of Round13 Capital
- Current owners unwilling/unable to manage the business – Rochelle Clark, Succession
- Fulfil desire to be an entrepreneur. – Rochelle Clark, Succession
- You have knowledge of how updated technology may be applied to old-school business tactics for a refreshed approach to the company. – Sharon MacLean, World Gate Media
- The cost of start-up is greater than the price of buying an existing business in that industry. – Sharon MacLean, World Gate Media
Can you relate to any? Share, like, comment and let us know. Also, if you are proactively looking to buy a business or franchise, #SearchOnBizON here: https://www.mybizon.com/search
Best of luck!
Nunzio Presta, Founder & CEO, BizON
From The Desk of BizON
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Opinions expressed here by Contributors are their own.
