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A Business Owner’s Guide to Acquiring a Struggling Business | As an entrepreneur, constant growth should always be on your mind even after finding a healthy level of success. With a willingness to always learn more about business strategies, you will know how best to use excess revenue to ensure your company continues to thrive. One way to expand your enterprise in one fell swoop is to acquire a smaller business on the market.
By looking for businesses that are struggling on their own, you can make profitable acquisitions at an affordable price. However, you must be sure that you have the knowledge and resources to find these good investments and adapt them to the current marketplace — the following guide presented by Know Program can help.
Prepare for an Acquisition
Knowing where to find businesses for sale is the first step in making a beneficial acquisition. The best way to find good deals is to tap into your network of entrepreneurs that operate in the same niche as you. Alternatively, you can work with a business broker with the expertise to find a business for sale that suits your current goals.
When you approach a business for acquisition, be aware that you may have to negotiate and compromise to reach a price that is agreeable to both parties. You might have to seek a business loan to fund your acquisition, but the investment may be more than worthwhile for the expansion opportunities that await you.
Before you pursue an acquisition, especially if you need a business loan to make this purchase possible, you should check your personal and business credit scores. If your numbers do now illustrate financial stability, then lenders will be reluctant to invest money into your endeavor.
Create a New Strategy for Your Acquired Business
Buying a struggling business provides you with many assets, personnel, and other resources all at once for a good price. However, you must identify the cause of your acquisition’s prior struggles so that it can become a powerful boon for your company.
One option is to incorporate new services that are within the scope of the business’s capabilities but are more appealing to its target audience. You might also increase the product line, turning your acquisition into a one-stop shop where customers can satisfy all their needs within the business’s niche. If your new acquisition has a solid lineup and strategy, Business News Daily notes that the issue might be the location of their physical storefronts.
Consider Restructuring Your Company
Once you start acquiring new businesses, it might be time to restructure your enterprise. Certain business structures like S-corps are conducive to a larger expanding venture. Reforming and filing an S Corp election can be a good idea if you intend to take on outside investors to fund your future growth.
Filing for a new business structure may sound like a lot of unnecessary work, but it is actually easier than ever to register your business using a formation service. Be sure to research the legitimacy of formation services and compare reviews first, though.
Market Your New Business Initiatives
To give your overall company the best shot at success after an acquisition, it is necessary to market your new business. Oodles Studio explains that a social media banner is a powerful marketing tool because it captures a customer’s attention as soon as they visit your page.
Rather than hiring a graphic designer, you can save money by using a free banner design maker to create beautiful imagery for your company website, Facebook, Twitter, or YouTube channel. Simply choose a template that fits your brand and customize it with the right colors, fonts, or even animations.
If you want to better understand the data acquired through your marketing efforts – and through other aspects of your business management – consider going back to school for an advanced degree in data analytics. You can consider this option as a strategic investment in your business management skills. The more you understand the data you collect, the better you’ll be at applying that information to strategic decisions, like acquiring another business or investing in new marketing methods.
Make a Plan to Succeed
Struggling businesses present incredible expansion opportunities for companies with the necessary cash flow. Be sure to check your credit and review your business data before pursuing an acquisition. But, if it looks like a promising endeavor, move forward while also setting aside the time to negotiate, restructure, and market your new business when pursuing an acquisition. When you succeed, though, your enterprise can undergo drastic growth at an incredible pace.