Buyers FAQs

Buying a business is a major decision. One that will affect you financially and change your lifestyle. Based on years of experience helping people buy businesses, Omega Business Advisors has identified several commonly asked questions. The information below is designed to aid you in identifying a business you like and understanding the business purchase process. If you have any questions about buying a business, please contact us.

1. Why should I buy an existing business?

A big advantage in buying an existing business, versus starting a new business, is that an existing business typically has existing cash flow, established customer and vendor relationships, trained employees and market-proven products and services.

2. What things should I know as a business buyer?

At Omega Business Advisors, we are advocates of finding a business that you will like and you will feel comfortable owning and managing. You, like every other prospective buyer, have a vision of being your own boss and calling your own shots.

Let’s assume that you find a business that you like, its location is ideal. Because of poor management, the business may not show the greatest track record. Purchased for the right price and on the right terms, this business could become more successful with proper management, it is a great way to achieve your vision of being in business for yourself.

As a prospective business buyer, you will be concerned as to why the business owner is selling the business. Business owners sell for a variety of reasons: retirement, poor health, relocation or simply being ready to move on. If it is a good business for you, the reason for the sale is not that important.

Finally, be aware that most businesses typically sell for less than their listed asking price. If it’s a business you like, don’t be afraid to make what you consider to be a reasonable offer.

Remember, Omega Business Advisors are trained, experienced professionals. Utilize your broker’s talents and call your broker whenever you need assistance or have questions about buying a business.

3. Why should I use an Omega Business Advisors?

Omega Business Advisors are dedicated to providing you with superior service throughout the entire buying process. Omega’s in-house process makes the transition from prospective business buyer to new business owner smooth and less complicated. At any given time, we have thousands of businesses for sale listings throughout our Omega Network. Our brokers work with you to find the business that best matches your goals and financial needs, while also providing key benefits to you as a buyer:

  • Business brokers save you time and money.
  • Business brokers keep the buying process moving.
  • Omega has more business for sale listings than any other Business Broker Organization.

4. How can Omega Business Advisors assist me in locating and purchasing a business?

An Omega Business Advisor will provide you access to thousands of business-for-sale opportunities, then they help you identify businesses that suit your monetary and lifestyle requirements, ones that should be appropriate for your business skills and experience. Omega will help you understand and navigate the complexities of the buying process, facilitating negotiations between you and the seller.

5. What are Omega Business Advisors’ fees?

Your Omega Business Advisor is a representative of the seller, they are paid by the seller. There is little or no direct cost to the buyer to utilize an Omega broker. Because of Omega’s market presence and expertise, buyers often engage an Omega broker to perform a targeted search for a business not currently listed for sale to find an owner willing to consider a purchase offer. Under this circumstance, the broker is a representative of the buyer and the buyer is responsible for paying the broker fee. For a targeted search, you can typically count on a minimum retainer and a commission as a percentage of the sales price at closing.

6. What information do I need to provide in order to learn more about a particular business?

The information you will be required to provide in order to obtain detailed information on a business listed for sale will vary, it will depend on the size of the business, the complexity and competitiveness of the industry, the disposition of the seller, and other factors. Under any circumstance, safeguarding the confidentiality of the seller is absolutely essential. It is a responsibility that Omega Business Advisors takes seriously. For this reason, each and every prospective buyer must provide the following items (at a minimum) before receiving additional information on a business that interests them:

  • Personal Financial Statement: Your Omega broker may require this document to determine business opportunities that suit your personal financial circumstances. This information will also be necessary to structure purchase offers and to seek financing when buying a business.
  • Confidentiality and Non-Disclosure Agreement: These documents identify your responsibilities and obligations as a prospective buyer concerning any confidential information disclosed about a business listed for sale by Omega.