There are different ways to find and purchase a small business.  You might seek out business brokers that specialize in selling small businesses; you can search the Internet, look in the Newspaper Classified Advertising  under business for sale, ask friends or even drive around searching for a business.

Here are some additional resources:

•           The Yellow Pages
  

•           The Public Library
  
•           Business Opportunities Advertisements
  
•           Trade Magazines
  
•           Trade Organizations
  
•           Suppliers
  
•           Bank Trust Departments.
  
•           Accountants
  
•           Commercial Real Estate Firms
  
•           The Secretary Of State
  
•           Attorneys
  
•           Place Your Own Advertisement

And finally, you don't have to limit your search to businesses that have been listed for sale. Should you find a business that you might be interested in owning, seek out the owner and let him/her know your interested purchasing the business.

You will find there are many small businesses out there for sale.  There are also many great deals.  Finding them is not the problem.  I've found thousands in my 25 years as a Business Broker. The big problem is making sure they do what they say they do.

Using a Professional Business Broker to discover businesses for sale, reduces the buyer's time and effort to do that work, and also reduces the loss of enthusiasm caused by failures and rejections.

The Professional Business Broker also finds businesses that the buyer might never locate through  his/her own efforts. Moreover, if the buyer is not sure of the type of business being sought  the broker can make suggestions.

Here, however, I must warn you: not all brokers are good judges of buyers´ qualifications. The problem, therefore, is you could waste time pursuing an unsuitable business.

• What Is Your Background And Experience?
  
• Are You A Member Of A Trade Association?
  
• Do You Hold Any Accreditations?
  
• What services do you provide?
  
• Who Do You Represent?

A Professional Business Broker begins by finding out about your skills, interests and financial situation The Broker then helps you select the right business for you. With the help of a Professional Business Broker, you may discover that a small business you had never considered is the ideal one for you.

A Professional Business Broker help both buyer and seller to stay focused on the transaction and helps smooth over any problems that may arise. Buying and selling a small business is an emotional experience for both the buyer and seller.

The Professional Business Broker know the latest laws and regulations affecting everything from licenses and permits to financing and escrow. They also know the most efficient ways to cut through red tape, which can slash months off the buying process. Working with a broker reduces the possibility that you might forget some crucial form, fee or step in the process.

•           Collect And Analyze Financial And Other Data.
  

•           Prepare Answers To Buyers´ Questions.
  
•           Write Letter Of Intent For Buyer Based On Buyer's Terms.
  
•           Mediate The Negotiation.
  
•           Assist Buyer In Applications For Permits.
  
•           Assist Buyer In Applications For Insurance.
  
•           Mediate Conflicts, If Any, Between Buyer And Seller.
  
•           Provide & Receive Guidance To & From Attorneys & Accountants.
  
•           Hold Deposits In A Trust Account.
  
•           Prepare A Closing Statement.
  
•           Help Setup Escrow.
  
•           Arrange And Attend The Closing.
  
•           Perform Various Post-Closing Services.
  
•           Coordinate All Of The Above Including The Whole Transaction.
  
•           Maintain Files For Future Reference.

Timing is everything, and that is no more true than when applied to the decision to buy/sell a business.

Set a top price in your mind, that you can afford.

The key to your successful search for the right business is to first determine what type of business is right for you.

In most instances the broker works for the seller's best interest.

Brokers practices full disclosure to the seller.

Confidentiality should be maintained throughout the buying process.

Buying and selling a business is different than buying and selling any other major asset. This is because a business is more than an income earning asset. It is a lifestyle as well, and therefore, the decision to buy or sell it can be highly emotional.

•           Retirement
  

•           Partnership Dispute
  
•           Lack of Interest Due To Boredom Or Frustration
  
•           Illness Or Death Of One Of The Principals
  
•           Sales! The Company Lacks Working Capital
  
•           Business is Losing Money

About the Author:
Bob Macek is a business consultant specializing in small mid-size businesses. He has been a Professional Business Broker since 1982.
If you have questions regarding the purchase or sale of small, mid-size companies. Contact Bob at: bob@probizusa.com