Hi all,
This is my first post on the forum although I have been lurking the last week or two. I finished the Millionaire Fastlane a few weeks ago and throughly enjoyed the book. I believe I have found a business that has "Fastlane" potential and I want to buy it. I believe the product/service is phenomenal with a ton of upside. The heavy lifting has been done in terms of developing a product, but the website lacks big time. Just by doing some snooping around the site, I believe it's not generating much revenue and nowhere near what I think it's capable of if executed properly.
I have never bought an existing business before and this one is not for sale, but I want to buy it.
My question is how do I go about beginning the process of attempting to buy this business? I don't have a clue what kind of revenue the business currently generates (I'd guess not much). I have no idea how I should value the business.
I don't even know if the seller would sell to me (this particular business has been around and evolving for 20 years, so there's an emotional attachment I'm sure), but I am a firm believer that anything is for sale at the right price.
Would you suggest doing my own analysis/guestimates about what I would do/how I would run the business if I acquired it and then approach the current owner? Or should I first see if he's interested in selling and then do my work and come back to him with a price or offer?
As you may be able to tell, this process is foreign to me.
Any insight would be appreciated and valued.
This is my first post on the forum although I have been lurking the last week or two. I finished the Millionaire Fastlane a few weeks ago and throughly enjoyed the book. I believe I have found a business that has "Fastlane" potential and I want to buy it. I believe the product/service is phenomenal with a ton of upside. The heavy lifting has been done in terms of developing a product, but the website lacks big time. Just by doing some snooping around the site, I believe it's not generating much revenue and nowhere near what I think it's capable of if executed properly.
I have never bought an existing business before and this one is not for sale, but I want to buy it.
My question is how do I go about beginning the process of attempting to buy this business? I don't have a clue what kind of revenue the business currently generates (I'd guess not much). I have no idea how I should value the business.
I don't even know if the seller would sell to me (this particular business has been around and evolving for 20 years, so there's an emotional attachment I'm sure), but I am a firm believer that anything is for sale at the right price.
Would you suggest doing my own analysis/guestimates about what I would do/how I would run the business if I acquired it and then approach the current owner? Or should I first see if he's interested in selling and then do my work and come back to him with a price or offer?
As you may be able to tell, this process is foreign to me.
Any insight would be appreciated and valued.
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