Get the Facts

Now we need to evaluate the bottom line and the financials. Do the numbers match up? Do they meet your needs? Here is where the broker is of the utmost importance. Anyone can write up a P&L and share with you a balance sheet…but what is the real income? The real expenses?

When you need your eyes checked- you set an appointment with the eye doctor, and when you purchase a business, you need an expert in the business field. Dominion Brokerage has helped many first time and repeat business owners get started. Our experts can help you to determine the financials and make sense of all of the numbers.

Visit the Business- Become a Customer

We often suggest you visit the business and pretend to be a customer- this too will give you a great outlook on how the business is currently being run. It also gives you the opportunity to seek out ways that you could improve on this business to make your bottom line better. Have you ever noticed how great of a waiter you would be for your own table- you know when your glass is not full, when the bread basket is empty- or the streak is not done? The same rule applies as a customer looking at a new business, you can note the floors need swept, the food cost needs improving or even something as simple as the cashier needs to smile. All of these areas you will note while visiting will be ways you can help improve the bottom total dollar of your future.

Make an Offer

Sit down with the broker and make an offer. Keep in mind- this isn't like a car lot- most often the seller has priced the business as close to the proper dollar as possible- yet you may have found something that could help you in determining the value slightly different. What normally happens is the buyer sees how the seller has under priced the business. This is because the seller is ready to retire and has worked out with the broker the best price to place on the business for the fastest results.