Okay, so I’ve been toying with the idea of buying a business in Washington state for a while now. I figured, why not try the “for sale by owner” route? Save some cash on broker fees, right? Here’s how it went down.
First Steps: The Hunt Begins
First thing I did was hit up the internet. I mean, where else do you start these days? I spent hours scrolling through listings. I quickly learned that finding good listings is, like, half the battle. I used general search terms like “businesses for sale Washington state” and that did bring up some results.
Digging Deeper: Narrowing it Down
After the initial browsing, I realized I needed to be way more specific. What kind of business was I even looking for? I decided to focus on something I know at least a little bit about – let’s say, small retail shops. So, I started adding those keywords to my searches, things like, “clothing boutique for sale Washington.” It made the results a lot more relevant. I started to write a list, I mean, a really long list.
- Looked at the general location.
- Checked out the asking price (obviously).
- Tried to get a sense of the business’s financials (which was sometimes tough).
Contacting Sellers: Feeling Things Out
This is where it got real. I started emailing and calling sellers. Some were super responsive and helpful, others… not so much. It was a mixed bag, for sure. I had some great conversations, learned a lot about different businesses, and even started picturing myself running a few of them. My notebook started filling up with questions, pros and cons for each business.
Due Diligence: Get Serious
I get more information from owner, such as:
- Financial Statements: At least three years of profit and loss statements, balance sheets, and tax returns. This is where you see if the business is actually making money.
- Customer Base: Who are their customers? Are they loyal? Is there potential to grow the customer base?
- Competition: I needed to understand who else is out there and how the business stacks up.
I did reach out to a few owners and started asking some basic questions. Nothing too intense, just trying to get a feel for the business and the owner’s personality.
Wrapping Up: Still Searching
Honestly, I haven’t found “the one” yet. It is a long process and more difficult than it seems. But I’ve learned a ton, and I’m definitely more prepared than when I started. It is important to remember to trust my gut, If something feels off, it probably is.
