Most people have dreamt of having their businesses but do not know how to go about it. While some entrepreneurs are lucky enough to put together multi-million-dollar ideas and start a business, some don’t have it easy. If you fall under the latter category, do not freight, there are millions of business ideas you can key into. And if you want to become an entrepreneur without having to pass through the hassle of starting from scratch, there are several businesses available for sale you can buy.

Buying an existing business is a great way of entering into an established marketplace. With an existing business, there’s already a structure and business model in place to aid the business. So, if you believe this is a path you’ll like to take, you will need some tips to guide you in buying an existing business.

How to Find a Small Business for Sale

Mostly, you will have to research extensively to come across established businesses for sale. Some of the best ways to locate small businesses for sale are:

  • By using a business broker
  • Asking withing your circle
  • Checking out a marketplace site
  • Through advertisement
  • Make calls through to call businesses

Although buying an existing business is a great way to become a business owner and an entrepreneur, it comes with its challenges. To successfully make the right decision, below are some tips on how to buy a business:

  • Make a research on your chosen business niche
  • Evaluate your pocket – are you ready to buy a business?
  • Decide if you’re buying a franchise or a sole proprietorship
  • Finance the purchase
  • Undergo due diligence
  • Prepare purchase contracts
  • Value the business
  • Make your offer

Documents to Request for When Buying a Business

  • Letter of intent
  • Confidentiality agreement
  • Contracts and leases
  • Business financial statements
  • Status of inventory, equipment, machinery, and building
  • Sales agreements

Businesses for Sale Platforms

To successfully own and operate a business does not mean you have to start up from the scratch. Several business owners that start from scratch o this because they have the time, skills, finance, and energy to do it. But for those who don’t have the time but have the finance, there’s an option of buying a business. If you are interested in operating your business but don’t want to go through the formative years, then you can consider buying a business.

Below are some of the platforms you can buy businesses:

  • Shopify Exchange 

Although new to the game, Shopify Exchange is one sale platform you can buy and sell businesses. This platform only sells and buys Shopify businesses. Shopify exchange has its cons and pros, but majorly anybody looking to buy a business on this platform is getting a Shopify store alongside. This is because all Shopify sellers link their stores directly with their Shopify Exchange, hence when selling, they can’t edit or alter any data already inputted. What this means for you as a buyer is that all the relevant information like traffic and revenue numbers will be visible to you.

Shopify Exchange offers an escrow service for all sales processes via their strategic partnership with Escrow, and all transactions on this platform are free. For buyers, you can search through their catalogue to view businesses on sale. Features like prices, revenue, age, business type, industry, etc. can be streamlined to aid your search. While for sellers, just download the Shopify Exchange app to your Shopify store, there you will be able to add the description of the business you’re selling and set a price.

  • Empire Flippers

This platform offers a comprehensive service and has a personal approach to buying and selling of businesses. The major goal of this platform is to minimize the discord that can occur while transacting. They intercede by vetting sellers on the buyer’s behalf, and they walk sellers through the road of successfully selling their businesses.

Empire Flippers requires buyers to pay a 5% refundable deposit to get full access to a year of store data. To ensure that transactions are successful, Empire Flippers try to ease communication between sellers and their vetting teams by scheduling calls to ensure every information and data are accurate and legit.

  • FE International

This sale platform serves as a broker with a 94.1% sales success rate. The platform offers a comprehensive and personalized sales process to both buyers and sellers to ensure that both parties are satisfied with their transactions. 

This platform works directly with sellers to facilitate and comprehend their business. Once they are certain about the Genuity of the business, a buyer will be contacted. Afterwards, buyers are requested to make their offers and FE International bargains on behalf of the buyer to get the best deal.

Once an agreement has been met, FE International ensures that the seller provides the right information and documents. They also ensure that the sellers provide support to the buyers so they can successfully manage the business.

  • Flippa

This is one of the pioneers of business for sale platforms. With over 600,000 users, Flippa has both the data and resources to successfully connect buyers and seller. Aside from being a business for sale platform, Flippa also sells digital assets like websites, domains, and apps. You can streamline your search by checking out their categories, which includes Shopify and Amazon FBA stores.

Flippa has its escrow service to ensure secure payment processing and there is a free valuation service attached for sellers to discover their business worth.

  • SideProjectors

This platform is perfect for people looking to buy a business as a side-hustle. SideProjectors has a range of different businesses and projects for sale at a more accessible and affordable price.

Projects that have not been fully established are also out up for sale on this platform so that sellers can get a return on their investment. If you have several abandoned projects, SideProjectors is the perfect platform to transfer all the assets and operations to a willing buyer.

Note that SideProjectors does not intercede in the sales process, and the payment method, all they do is connect buyers and sellers. So, it is crucial to make your research if you choose to transact on this platform.

  • Digital Exits

This is a brokerage platform that position business for high-value sale. They specialize in facilitating sales with large technology companies. Digital Exits sure knows their onions when it comes to leveraging on the value of businesses and getting the best prices for it. They have a list of carefully selected buyers on their database who are ready and willing to invest in a business.

Digital Exist help seller facilitate business transactions by developing a marketing plan, managing deal-flow, preparing an executive summary, and getting several buyers interested in the business sale.

  • Lotana’s

This platform serves as a business broker with assets registered from mid-five figures to low-eight figures. Latona’s has exceptional customer support and offer quality business listings. Latona’s provide a free service for buyers during the transaction, although it is noteworthy that in the cause of negotiating, a seller might request for broker fee from the buyer.

  • Social Tradia

Similar to Flippa, Social Tradia is a do-it-yourself platform. With an easy user interface, both buyers and sellers can easily connect, negotiate and close a deal. This platform is perfect for people looking to buy social media pages. It takes about 30 minutes to transfer an Instagram account after a successful transaction.

Buyers using the Social Tradia marketplace pay a 10% transaction fee on a purchase. You can pay this fee by credit card or wire transfer. Buying an existing social media account is easier than buying a business. For social media account sale, only the login details are required, no much paperwork and extensive detail verification.

Social Tradia offers a high-quality business listing as all their listed Instagram listed accounts have detailed analytics, demographics, likes per post, etc. Social Tradia verifies all analytics provided to ensure that the account is active with organic followers. 

  • Business

This platform helps purchase and selling of businesses. They intercede between the buyer and sellers and make sure all terms and conditions of the transaction are met. They guide sellers through the steps of selling their businesses. Elements such as price determination, ensuring all financial records are up-to-date, negotiating price, going through the escrow and closing the deal.

They ensure the confidentiality of their clients by signing a non-disclosure form with buyers to conceal the details of the potential business for sale. Business help fish out unserious and unqualified buyers using their metrics.

  •  BizBuySell

This is one of the largest and most heavily trafficked business for sale platform. BizBuySell has several businesses for sale with unique users and an easy interface. With over 100,000 successful business sales, BizBuySell has one of the largest databases of businesses for sales. This milestone was achieved via a strategic partnership with the following companies:

  • LoopNet, Inc.
  • The Wall Street Journal Online
  • American City Business Journals