If you're like Rick, you may be stuck in the cycle of relying on brokers to find the perfect business to buy. But what if I told you that there's a better way to find deals?
A way that doesn't involve spending months looking at deals that don't work out or paying exorbitant fees to brokers for deals that aren't right for you.
That way is finding off-market deals.
Off-market deals are businesses that aren't publicly listed for sale. It may be that the owner is actively considering selling, but hasn't made that decision public yet. Or the owner may have no intention of selling, but is open to selling if the right offer comes along.
Why relying on brokers is a mistake
Relying solely on brokers to find deals can be a mistake for several reasons. First, brokers typically have a limited number of businesses they're representing, and those businesses may not be the right fit for you. You're limited to the businesses they have listed, and those businesses are often "richly" priced due to many sellers not wanting to "leave money on the table".
Second, brokers aren't always able to find the deals you're looking for. If you have a specific niche or industry you're interested in, a broker may not have any deal flow that fits your criteria.
Finally, relying on brokers can be expensive and time-consuming. You may spend months looking at deals with a broker, only to have them fall through at the last minute due to a competing buyer swooping in with an offer (this risk is present in all deals, but - due to the competitive bidding environment of a broker-listed deal - the risks are higher).
Finding deals off the market
The best way to find deals is to look for them off the market. This means looking for businesses that aren't publicly listed for sale.
But how do you find these off-market deals?
The first step is to network. Attend industry events, join industry-specific online forums, and connect with people in your industry on social media. Let people know that you're looking for a business to buy, and ask if they know of anyone who may be considering selling.
The second step is to do your research. Look for businesses that fit your criteria, and then do some detective work to find out who owns those businesses. In many cases, you can use public records to find out who owns a business, and then reach out to the owner directly to see if they're interested in selling.
The third step is to work with a company like Deal Camp. Deal Camp is a resource that helps people find off-market deals. They have videos and articles that teach you how to find off-market deals, and they can connect you with people who can help you find the deals you're looking for.
If you're like Rick, you may be frustrated with the limited options you're finding through brokers. But don't give up hope just yet. There are plenty of off-market deals out there for the savvy buyer who knows where to look. By networking, doing your research, and working with a company like Deal Camp, you can find the perfect business to buy without relying on brokers. So don't give up on your dream of owning a business - start looking for off-market deals today.