The Buying Process
First, search your soul.
What do you want to do every day? What are you passionate about?
Do you want to “make” things? If so, a manufacturing business might be something to look into.
Are you great at “selling” things? Then buying a distributorship or retail business might be best.
Do you want a business that runs itself? Absentee-owned businesses will require little time from you daily. Would you be good at “fixing” a business? You may find good bargains in Turnaround situations.
Examine your interests then set out to find them.
Be Realistic – Match your appetite with your wallet
It is important that your target industry or business be something that is within the scope of your capabilities and price you can afford. If it is an industry that is new to you, ask around. Talk to someone already in the business, take them to lunch. Interview them to find out more about the industry.
Begin Your Hunt – Be relentless, but understand it may take a while
Your search for the right business will likely take many months, if not years to complete. Do not be in a rush because it could cost you your life savings if you are not careful.