Business Brokers

Discussion in 'Homesteading Questions' started by amelia, Jun 26, 2006.

  1. amelia

    amelia Well-Known Member

    Messages:
    403
    Joined:
    May 2, 2003
    Location:
    Washington State
    Anyone ever used a business broker? I'm looking to make the move to semi-self-sufficience and am thinking that a small, home-based business might be just the thing. I don't have much interest in building a business from scratch, so would rather find something that has a pretty reliable customer base and can pretty much take care of itself.

    How do you go about finding a business broker? Do they tend to specailize in various areas? What's their fee structure like? Are reasonable little (30K) home-based business generally found this way?

    Any stray throughts on this area wuould be apprecaited.
     
  2. donsgal

    donsgal Nohoa Homestead

    Messages:
    5,398
    Joined:
    May 2, 2005
    Location:
    SW Missouri near Branson (Cape Fair)
    The only way to make a home based business - or any business for that matter truly successful is doing something that you truly love to do. First you have to discover what it is that you want to put in 18 hours a day doing, and then do it. Thinking that you are going to find something that will "take care of itself" is pretty unrealistic. Ask anyone who has been there and done that.

    Donsgal
     

  3. featherbottom

    featherbottom Well-Known Member

    Messages:
    224
    Joined:
    Mar 15, 2004
  4. Siryet

    Siryet In Remembrance

    Messages:
    847
    Joined:
    Jun 29, 2002
    Location:
    River Valley, Arkansas
    We used a business broker to sell our business in Houston, Tx and it was the best experience we ever had. He visited with us got the financials and what we wanted for the business and he explained how he worked and that was that.

    We only had two interested parties BUT, They were really interested and were already prequalified/Financially and personality, BEFORE we ever met them. The broker did all the investigating BEFORE he had them come to the shop

    We had one visit from the first person and Two visits from the second person and he was the one who bought it.

    Since he has purchased it he has expanded the business and moved it to a larger location and just is as happy as a pig in mud to own it.

    We had started this business from the clients of a business that was six months out of business so we were very happy to see it continued in a good way

    If I were to buy another business I would use a business broker because of the experience with this one.
     
  5. Shadow

    Shadow Well-Known Member

    Messages:
    762
    Joined:
    Jan 10, 2006
    OK I have just become a buiness broker, First how much do you have to spend. How smart are you. Can you send me the money in small used bills. I will email you the buiisness.
    Sorry but you are getting in really dangerous waters be very careful, most of the time this just does not work.
    Look at any paper there are more scams there involving home buisness than anything.
     
  6. mtnbluet881

    mtnbluet881 Well-Known Member

    Messages:
    289
    Joined:
    Jun 4, 2006
    Location:
    Northern IL centrally located
    Check out the only Identity Theft Solution

    go to my website and see for yourself:

    www.cathysutton.com

    or call either of two 24hr info numbers 1-800-394-6919
    or 1-800-634-1375

    This is a solid company, but you do have to start from scratch.

    Think of it this way--if someone has a business established with a good
    base of clients why wouldn't they just keep them for themselves?
     
  7. phrogpharmer

    phrogpharmer Well-Known Member

    Messages:
    160
    Joined:
    Apr 25, 2005
    Location:
    Southern Idaho
    I can see using a broker to help find a "bricks and mortar" business, but not a home based business.
    The successful home based businesses that I know of were all started from scratch by people who found a way to make a profit from something that they have a great interest in.
    If you aren't willing to take the risk and start from scratch, you should be looking for a job, not a home based business.
     
  8. donsgal

    donsgal Nohoa Homestead

    Messages:
    5,398
    Joined:
    May 2, 2005
    Location:
    SW Missouri near Branson (Cape Fair)
    I checked the website. It really irritates me the way everyone assumes that the whole wold has broadband availability. I have dial up and SLOW dial up at that - it would take hours to "view" these video presentations. Why can't they just put the information on a website? Do they think that everyone is illiterate/stupid and cannot read? I would never do business with such an insensitive and arrogant company. sheesh.

    donsgal
     
  9. mtnbluet881

    mtnbluet881 Well-Known Member

    Messages:
    289
    Joined:
    Jun 4, 2006
    Location:
    Northern IL centrally located
    My site - www.cathysutton.com has been modified for dialup.
    You can either download by right-clicking and selecting Save Target As or view self-running powerpoint presentation online as you listen to 800-394-6919 phone call anytime.

    And if for some reason you want alot more information, click on the more info link and go to Step 2 in that new website.

    Point well taken.
    Thanks,
    Cathy S.
     
  10. amelia

    amelia Well-Known Member

    Messages:
    403
    Joined:
    May 2, 2003
    Location:
    Washington State
    Cathy, if you're going to peddle your wares here, please do the good members of this forum the favor of disclosing exactly what these pre-paid "legal" services are. One might easily get the impression that these services provide legal representation that is in the same universe as what one might get in terms of assistance if he/she got into trouble and retained a lawyer on a fee-for-service or contingent fee basis.

    So, for the sake of complete disclosure (you wouldn't want anything less than that, would you?), would you please describe WHO provides these legal services. I'm talking about credentials. Don't bother with the "under the supervision of a licensed attorney" bit--let's talk about who is actually dealing with the client.

    And speaking of this "supervising" attorney, how many such attorneys are there in each state? Is each employed full-time, or is he essentially being given a fee for the use of his name and license? And what, exactly, is the ratio between the number of licensed attorneys employed by your company and the number of clients it purports to serve?

    Would you also please tell us the scope of legal issues that the prepaid fee covers. Employment disputes, such as wrongful termination? Serious personal injury? Commercial disputes? Land use issues? Contested marital dissolutions with or without custody issues?

    More importantly, for each type of dispute that purports to be covered, would you please describe to us the extent of the representation. For example, assume that one of the HT board members is served with a complaint for judicial foreclosure. Could he or she expect that a notice of appearance would immediately be put in, that an attorney with expertise in real estate law and foreclosures would immediately commence discovery, that an order restraining the sale would be obtained forthwith, and that a summary judgment motion (if appropriate) would immediately be filed?

    On that subject, what is the average number of hours that your pre-paid "associates" spend on cases? Forget the "brief consultation," which most attorneys provide free anyway. In a case involving litigation (which is risk that drives most people to sign up for "prepaid"), how much time, on the average, is devoted to each case? Does it even cover litigation?

    We all look forward expectantly to your response.
     
  11. Red Devil TN

    Red Devil TN Well-Known Member

    Messages:
    266
    Joined:
    Feb 8, 2006
    Location:
    TN
    -Ding- Round one! lol!!

    ----------------

    If you want something to do at home, poke around www.bestoilaround.com or you can just go here to request info on becoming a dealer.

    Not something exactly set up already, but the product is great and the name is getting known now among lay people as well. There are a lot of retirees that just throw their number in the yellow pages and start off slowly like that.
     
  12. The Paw

    The Paw Well-Known Member

    Messages:
    1,110
    Joined:
    May 19, 2006
    Location:
    Manitoba, Canada
    Amelia, I would echo the advice of Donsgal. You need to have a genuine interest in the type of business itself. I used to work doing microenterprise loans and business plans for a non-profit agency. From time to time we would get someone who would come in and say "I want to be in business, but I don't know what kind of business". Our general policy was to have a discussion with them about skills and interests and send them away to do more research. They rarely came back, whereas those with a definite idea had a much better chance.

    A legitimate broker might be helpful in identifying a specific opportunity once you narrow down the type of business. And while it is sometimes possible to buy a business with an established customer base (or a franchise) you pay a higher price for these, and you still have to log the long hours to hold your clients.

    If you google around, you should be able to find a self-assessmet for entrepreneurship somewhere on a small business site. It is worth reflecting on whether your personality and goals are compatible with business ownership (rule of thumb is that 1 in 10 people have the right characteristics to be successful entrepreneurs).

    Good luck with whatever you decide..
     
  13. mtnbluet881

    mtnbluet881 Well-Known Member

    Messages:
    289
    Joined:
    Jun 4, 2006
    Location:
    Northern IL centrally located

    Pre-Paid Legal is a 32 year old company on the NYSE where each member is served by a Provider Law Firm that has been carefully screened by Pre-Paid Legal. Since each state has different laws, the membership is different in each state, although the two products still offered are the Pre-Paid Legal Membership and the Identity Theft Shield. (Only state excluded is Alaska.)

    Go to my website www.cathysutton.com for the listing of the general areas of legal coverage. (For specifics in each area click on more info and then go to Step 2) To answer your very specific questions, please call the corporate office located in Ada, Oklahoma at 1-800-654-7757.

    Independant Associates share the 2 products, they do not give out any legal advice,etc. Anyone can become an Associate and therein lies the business aspect to it.
     
  14. katlupe

    katlupe Off-The-Grid Homesteader Supporter

    Messages:
    2,252
    Joined:
    Nov 15, 2004
    Location:
    Upstate NY
    How could you not be interested in building a business from scratch? I did and I love it. I am proud of it. It's like baking your own bread instead of buying store bought. My site has become really big and gets a lot of targeted traffic. And I look at that and say, "I did that!!!" Wow, what a feeling.

    Take all the money you would spend on buying someone else's business and the business broker's fees too, and put that into your own.

    katlupe
     
  15. donsgal

    donsgal Nohoa Homestead

    Messages:
    5,398
    Joined:
    May 2, 2005
    Location:
    SW Missouri near Branson (Cape Fair)
    Step two and step three will not download this way. I get an error window. Try it for yourself.

    Donsgal
     
  16. DAVID In Wisconsin

    DAVID In Wisconsin Well-Known Member

    Messages:
    2,364
    Joined:
    Dec 3, 2002
    Location:
    Wisconsin & Mississippi
    My father was scammed by business brokers to the tune of ten grand. Be very, very careful.
     
  17. Beeman

    Beeman Well-Known Member

    Messages:
    6,977
    Joined:
    Dec 28, 2002
    Location:
    East TN
    Most businesses, especially the ones for sale, don't really make money. They might have an appearance that they make profit but in most cases compared to a job you are better off with the job especially if buying the business is nothing more than buying a job with liability and no benefits.
    Most small businesses, meaning small home type, are only as good as the person and their reputation. Therefore they aren't usually saleable and if they are the client base is based on Joe and not you.
     
  18. mtnbluet881

    mtnbluet881 Well-Known Member

    Messages:
    289
    Joined:
    Jun 4, 2006
    Location:
    Northern IL centrally located
    I went online via dialup and was able to download both files. One must have PowerPoint though.

    Another completely online option is:
    Go to the Step 4 location: click on "Need More Info? click here."
    Next find "view html version(no flashplayer needed)" and click on it.

    This is an entirely online presentation--nothing to download :) .

    HTH
    Cathy S.
     
  19. Unregistered

    Unregistered Well-Known Member

    Messages:
    488
    Joined:
    Aug 27, 2004
    I will post my experience with the pre paid legal.
    I belonged to a credit union where I work. In a statement I recieved from the credit union there was an advertisement for pre paid legal. After reading all the info I decided it sounded like it would be worth the price. I joined and had the fees sent from my credit union account each month. I was a member for 3 years before I tried to use the service.
    I wanted to use the service to help with an owner financed piece of property. I contacted the service. I recieved a list of attorneys they suggested I use. They paid nothing. The price they quoted was higher than what the same attorneys quoted over the phone. The pre paid legal paid nothing.
    I attempted to discontinue the service. I notified the company and was told they would continue to take the amount out of my account until the credit union notified them differently. I notified the credit union and they told me the pre paid legal had to notify them before they could stop the payments.
    After nearly a month trying to work with the credit union and pre paid legal the only way I could stop the payments was to close my account with the credit union.
    This is my experience and others may have other experiences. Personally I think they are crooks.
     
  20. ladycat

    ladycat Chicken Mafioso Staff Member

    Messages:
    26,715
    Joined:
    Oct 18, 2005
    Location:
    N. TX/ S. OK
    That's true. It's best to find a market niche and fill it... from the ground up.