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    4 Replies Latest reply on Dec 18, 2008 6:34 PM by NoBullFunding

    How to find an existing niche business

    southernbelle Newbie
      Evening -

      I'd like to turn my love of antiques/vintage into a business. Rather than starting from scratch, I'd like to look at purchasing a preexisting business - specifically an antique/vintage store. I've searched on all of the sites and there is not one available in the Georgia area.

      With that, how would I go about finding a business? I saw something about using a broker? Is that similar to a real estate agent?

      I'm a bit overwhelmed with all of the information and resources available, so any tips or advice would be great!

      Kindly,

      JM
        • Re: How to find an existing niche business
          NoBullFunding Scout
          Yes, a business broker is just like a real estate broker and is a great place to look. Bizbuysell.com is one of the largest. You can also google the phrase "georgia business broker" and I'm sure some will come up. If you want to do more leg work, you could send out a mailing to all your local antique shops and directly solicit owners to sell you their shop
          1 of 1 people found this helpful
            • Re: How to find an existing niche business
              southernbelle Newbie
              I like the idea of going out directly to shops. Assuming I take this step with the broker, would I need to present a full business plan to a bank to secure financing? I've started on one, but have not completed it - it's about 90 percent done. Does the broker deal with the bank or do I?

              I'm also not trying to get in over my head, so how do I go about figuring out how much can I afford to purchase a business for?

              Thanks!
              JM
                • Re: How to find an existing niche business
                  southernbelle Newbie
                  One more queestion: when do I know when I'm ready to call a broker? Do I secure financing first? Or is this like the first call I should be making?
                  • Re: How to find an existing niche business
                    NoBullFunding Scout

                    You should find the broker first. You can't apply for a loan until you know exactly how much you need and what the terms of the deal is. Once you find a business to buy and come to terms with the seller, then you can present you application and business plan to a bank. YOU will need to do this, not the broker. The broker acts just like a real estate agent, their role is to match up buyers and sellers. You have to pretty much do everything yourself.

                    Once you find a business you like, one of the services that I offer is to help buyer evaluate potential purchases of existing businesses.