When the Biz You Want to Buy Is Hard to Find
Many business buyers now search for acquisition opportunities online, but it does little good when seeking a rather unique business, such as a maple-syrup farm.The problem: The probability of finding such a business in the classifieds is slim to none. So you must persistently scout out the few sellers in the field — or would-be sellers if the right offer comes along.
The best bet when hunting for a rare business is to first compile a list of people likely to know of such opportunities. In this case, Barry Merkin, an entrepreneurship professor at Northwestern University’s Kellogg School of Management, recommends searching for the names and telephone numbers of maple-syrup farmers in whatever state or region you’re looking to buy a business, maple-syrup industry associations (there are several), economic-development boards, local bankers and lawyers. “If there’s a farm for sale, for sure the banker or a lawyer in that little town would know about it,” Mr. Merkin says.
You’ll want to call everyone you can, mention the type of business you’re seeking and ask whom they know who might be looking to sell. Even if they can’t think of anyone, they may put you in touch with someone who can.
Photo by TorenC.
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