Alright, let me tell you about my recent deep dive into the “business for sale Spokane” scene. It’s been a ride, let me tell ya!
First off, I started with the obvious: Google. Typed in “business for sale Spokane” and just started clicking through the results. BizBuySell, LoopNet, all the usual suspects. Spent a good afternoon just scrolling, trying to get a feel for what’s out there and what kinda prices we’re talking.
Then I figured I needed to get more local. Spokane is a pretty specific market, so I hunted down some local business brokers. Found a few with decent websites and started firing off emails. Just a simple “Hey, I’m interested in buying a business in Spokane, what have you got?” kinda thing.
A couple of them actually got back to me pretty quick. Set up a few calls, chatted about my interests (which, to be honest, were pretty broad at that point). I was mainly trying to gauge their expertise and see if they had anything that piqued my interest.
One broker seemed particularly sharp. He had a good handle on the Spokane market and wasn’t pushy. He actually listened to what I was looking for and didn’t just try to shove whatever he had on hand down my throat.
He sent me a few listings. Most were duds, but one caught my eye: a small, established retail business with a decent location. Nothing fancy, but it seemed like it had potential. I did some initial research online, checked out their website, social media, and read some reviews.
Seemed promising, so I asked the broker for more detailed information. He sent over a confidentiality agreement, which I signed (after having a lawyer quickly glance at it, just to be safe), and then he sent over the financials. That’s when things got real.
Spent a couple of evenings digging through the P&L statements, balance sheets, and tax returns. Honestly, it was a bit of a mess. The numbers weren’t exactly screaming “buy me,” but I also saw some areas where I thought I could improve things. Marketing was practically non-existent, and their online presence was pretty weak.
Decided to take a drive and check out the location in person. Drove by a few times at different times of the day to get a feel for the foot traffic and the neighborhood. It seemed like a decent spot, and the business had a good reputation in the area.
Okay, time to talk to the owner. The broker set up a meeting, and I spent a couple of hours chatting with the guy. He seemed like a decent, honest person. He was just ready to retire and move closer to his grandkids. He was pretty upfront about the challenges of the business, which I appreciated.
After the meeting, I felt like I had a better understanding of the business and its potential. Still wasn’t sure if it was the right fit, but I decided to do some more due diligence. I reached out to a few people in my network who had experience in the retail industry and asked for their thoughts. Got some good feedback, both positive and negative.
Finally, after weeks of research, analysis, and soul-searching, I decided to make an offer. Worked with the broker to put together a fair offer, taking into account the financials, the location, and the potential for improvement. Sent it over to the owner, and… waited.
He countered. Of course, he countered. We went back and forth a couple of times, haggling over the price and the terms. It was a bit stressful, but we eventually reached an agreement that we were both happy with.
Now comes the fun part: financing. Talked to a few banks and credit unions, trying to get a loan. It’s always a pain, but eventually, I found a lender who was willing to work with me. Got the loan approved, signed the paperwork, and wired the money.
Closing day! Met with the owner and the lawyers, signed a bunch of documents, and officially became the owner of a business in Spokane. It was a long, stressful process, but it was also incredibly rewarding.
Now the real work begins: actually running the business! But that’s a story for another day.
- Did my research
- Contacted brokers
- Evaluated opportunities
- Negotiated a deal
- Secured financing
Wish me luck!
