Business Acquisitions In Los Angeles County Done Smoothly With Local Professional
If you live in Los Angeles and you wish to buy or sell a business
, it's best to approach a qualified and experienced business broker. These people concentrate on Los Angeles business sales and the good ones have years of knowledge of the industry.You will find that most business brokers are not twenty year olds. They are mostly people with a financial and/or business background. They understand how to read financial statements. They also know all the right questions you need to ask when you buy a business. And they know what advice to give you if you intend to sell your business.
If you're a buyer, it's not advisable to negotiate directly with a business owner unless you know exactly what you are doing. Rather contact a broker and explain to him what kind of business you have in mind and how much you can afford to pay. It's not a good idea to buy a business if you have very little knowledge of that particular industry. You might think it's simple to run, but once you are behind the steering wheel you might realize there's much more to it than you initially thought.
The broker will then compile a list of businesses that he thinks are suitable for you. The list should have all relevant information, for example the kind of business, the annual turnover and profits and of course the purchase price. Scrutinize this list and if one or more of these businesses catch your eye and the profit/price ratio looks good, go back to the broker and ask for the financial statements and detailed company information.
Before he hands this type of information to you, a professional broker will require you to sign a confidentiality undertaking. You are not allowed to disclose any of the information to third parties.
Study the financial statements and make notes of anything that looks out of the ordinary. Ask the broker to explain this. Only after you are satisfied with the accuracy of the information provided, ask to meet with the owner of the business.
Los Angeles business sales can be a very complicated affair with a lot of legal loopholes. You should thus not approach this without the assistance of a highly knowledgeable business broker.
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