Starting a business is a scary. Only about 1/2 of new businesses make it to the 5 year mark, and only 1/3 make it to 10 years.
What if you could buy a business with a proven track record that is producing profit today?
The good new is you can! In this article, we'll discuss the best places to look for businesses for sale in North Carolina.
Where Do Businesses Get Listed For Sale in NC?
The size of company you want to acquire determines where you should look for businesses.
Main Street Business Listings
Main Street businesses have revenue less than $1 million and are priced under $1 million.
These businesses are typically sold by their owner or with the help of a franchise business broker.
Here are the most popular sources for finding main street businesses for sale in NC:
Another great source of opportunities are franchise business brokers' listing pages in your area. Often brokers will post listings on their own sites before they are on BizBuySell.
MidStreet Business Listings
Companies doing between $1 million and $25 million in revenue are considered MidStreet businesses.
It is most common for these companies to be sold by MidStreet brokers. These brokers sell businesses between $1 million and $25 million in value.
The three best websites in North Carolina that aggregate these listings are:
You should check the brokers' websites in your search area for additional vetted listings. Because these firms sell larger businesses, they typically operate over a larger geographic area.
Middle Market Business Listings
Companies for sale with revenue over $25 million are primarily listed on private equity and strategic focused websites.
These deals can also show up on lower middle market mergers & acquisitions advisors’ websites.
If you are serious about finding a company with revenue over $25 million, Axial is the best website to search for deals. Axial does require membership to view businesses for sale.
Tips For Finding a Great Business
90% of the people who begin the search to buy a business never complete a transaction.
At any one time, there are 15 prospective buyers on the market for everyone business listed.
These interesting statistics from the Business Buyer Resource Center show buying a business is a competitive process. However, there are ways you can increase your chance of finding the right deal.
Keep Your Eyes on The Market
The best listings do not sit on the market for long and receive a tremendous number of inquiries.
It is important to fill out the NDA promptly to receive the marketing materials quickly.
You’ll want to limit initial questions to just the essentials. Don’t inundate the broker with requests, get what you need to make an informed offer and save the most time-consuming analysis for due diligence.
Know What Kind of Business You Want
It is important you understand what industries, locations, and business features are important to you.
You might not be able to pinpoint your preferences to an exact industry. Knowing what segments get you excited will help you narrow down your search.
There are over 1,500 businesses for sale in North Carolina at any given time. Being able to reduce the scope of your search will help you spend more time looking at companies that are a good fit.
You’ll want to have the confidence to pull the trigger quickly when the right factors are presented in an opportunity.
MIDSTREET TIPWe've seen buyers miss an opportunity because they did not talk with their spouse about buying early enough. Consider bringing other decision makers in on the search early.
If you’re planning to use the SBA 7(a) loan program to purchase a business, you should get prequalified through a loan provider like Diamond Financial Services.
Find a Business to Buy in North Carolina
The business acquisitions space is very hot in North Carolina right now.
Knowing where to look will help you find and evaluate the best deals before other investors.