Singapore is a great place to start a business, and buying a business is a convenient way to start entrepreneurship. However, finding owners who want to sell a company is never easy- you need to know some tricks of the trade:
Business Agents and Advisors
For buyers, connecting with an agent is a must. After all, they have nothing to lose and everything to gain; agents mostly take money from sellers, and sometimes, may even offer to finance for buyers.
However, you should be careful about choosing the right agent, because as we said, agents work on commissions, and some may think about the money more than the buyer’s convenience. The best idea would be to work with a broker who has good brand positioning- look at their internet profile and check if they really can afford a bad review.
Working with a local agent will help you find a business for sales Singapore faster as well. And if they are genuine ones who really care about the job, they provide the right appraisal for the business of your choice, so you won’t be paying more than what you need.
Social media can be a great place to find businesses, but be extra careful about using it. You see, a business sale process should always be confidential, as putting out the message may cause negative remarks and emotions among the suppliers, customers, and even employees.
Try to work on as much secrecy as you can. This means depending on the case, you may totally not want to buy a company which has announced in its official page that it is for sale.
There can be private Facebook groups or message rooms where you could find a venture. Anyway if you don’t- you don’t need to stress it, there are other ways of meeting interested business owners.
Ecommerce marketplaces are the second-best way of finding business for sales, after agents. They are websites where business buyers and sellers can connect with each other. As such sites are mostly only meant for entrepreneurs, product customers hardly visit them, so no one except the concerned parties will know that the ownership of a company changed hands.
Furthermore, elaborating on what the websites are, they let buyers filter their searches and find appraised companies on the desired price point, location, sector, etc.
Ecommerce marketplaces are fast to react as well- they remove the business listings after a sale is made. All in all, they are an amazing way for you to get business for sales.
The advertisement section of a newspaper is uninteresting for many but can be a goldmine for people looking to buy a company. Furthermore, traditional or online magazines, especially those of the business sector can have companies for sale.
Well, these days, finding advertisements in newspapers can be harder when compared to the older times, but buying a subscription of a daily paper can more or less be helpful.
Your Own Network
The final way to find businesses for sales is to ask around in your own networks. This means you can call local businesses in your sector, or ask your friends or other connections if they know there are any businesses nearby you whose owners want to change hands.
Financial houses and banks may also know about some companies ready for sale. Furthermore, if you want to turn it up a notch, you can yourself call local companies asking if they are for sale- this can be very daunting, but if you find a deal, the business may be more affordable as the seller doesn’t need to pay commissions to a middle person.