Recent statistics show that 20% of small businesses in North America sell every year. Business owners sell their businesses for various reasons. Retirement and the desire to change (loss of interest) are the two most important reasons. Other reasons include health problems, need for financing to fund the business, and family problems. There are a lot of excellent businesses for sale at anytime, but locating a good business for sale is a very difficult and time consuming task. Most business sellers don't release information about the business easily. They need to qualify buyers before providing them with confidential information about their business. This can be very frustrating for potential buyers who are not educated about the buying process.
Business buyers can get invaluable help from experienced and competent business brokers. The broker will help you find business listings, select the right business, and finally make a decision about which business to buy. The broker will also help you make an offer and save you expensive legal fees in the early stages of negotiation. Once the terms and conditions of the purchase are agreed upon with the seller, then legal advice is recommended to close the transaction.