The other day I was re-reading a book that I have read a number of times throughout my life as a business broker, and I came to a fact in the book that stops me every time I read it. The book states that, according to the global statistics on business sales, 90% of people who begin the search for businesses to buy never end up buying a business. That means that 9 out of 10 people who are in the market for a business never find one. How can that be?

I started to think about it a bit, and I think I have figured out one of the major reasons. I believe that most “business buyers” in the market actually have no idea as to what type of business they really want. The way to join the 10% of people who don’t end up wasting time searching for businesses they never buy is to actually do a bit of up-front soul searching and research to gain the knowledge needed to find the right business for them. Because there are many businesses available in Thailand or most other markets at any given time, the choices can be staggering. The key is to find the genuine opportunities and then make sure they are a good fit for you.

Here are a few things you can do to help you find the right business for you. Please remember, we are talking about personal business buyers rather than professional buyers or corporate-based acquisitions, so some of this will not apply to the professionals.

Build a set of rules or criteria.
Because there are so many businesses available at any given time, you need to build a system to pinpoint the opportunities you should really be looking at. This will help you narrow your search and minimize the time you spend looking at businesses that you would never end up buying in the first place. Think about what you want in a business and what you want to get out of it. This can be anything from profits, a guaranteed return, travel opportunities, or simply personal satisfaction. Rather than saying that you want the business to be profitable, be more specific and say I want the business to make “X” profits annually. You can then also tie a return this. Again, be specific and say I want a “Y”-percent return annually. Now, you’ve set two criteria and

know what you will need to invest to get into a business that meets your other criteria. Most people that successfully acquire a business know that profits, returns, and other financial concerns aren’t the only, or even most important, factors that attract them to the business they buy. Think again about what you want out of your daily life and how a business purchase can help you achieve that. Use those as additional criteria, and then only consider businesses that meet those criteria.

Don’t worry about getting your criteria perfect right away, but rather think of it as something that can evolve as you see a number of different businesses. After looking at a few different opportunities and interacting with business sellers, possibly other buyers, and other business people, you will have a better idea as to the criteria that will work for you.

Take inventory of your skills, strengths, and weaknesses.
Take some time to look at what you are really good at. Where do your true skills lie? What are the strengths that have gotten you to where you are today? Also, have a look at what your weaknesses are and why you count them among your weakness. Often, getting a firm grip on these things is very difficult for us to do. Luckily today, there are lots of personality and aptitude tests that you can take online if you have trouble thinking of these off the top of your head. There are really two main points to taking stock of yourself in relation to what you do well and what you don’t. First of all, you want your business to thrive because of your strengths and skills. This means that either whatever you are particularly good at is what drives the business forward and upward or that because you are adding a new skill or strength into the business, the business will be allowed to grow additionally based on that. Secondly, you want to make sure that whatever business you buy, it won’t suffer because of whatever your weaknesses are. Sure you can find employees, consultants, or outsource to remove or reduce some of these weaknesses, just make sure that you figure this into your plan for success in the future.

Generally, being your own boss means you get to control your own destiny. Make sure that you feel confident and comfortable with your day-today duties when looking at specific opportunities. This should give you a sense of pride, which will further ensure your success as a business owner. Remember, if you choose a business that accentuates your positives and doesn’t penalize you for your weaknesses, you will have the greatest likelihood of success. If you don’t do this, you are reducing your chances of success and also probably headed for burn-out in the future.

Be a fan of the business first and the products or services later.
Often, potential business buyers look for businesses that sell specific products or services. This is useful for professional business buyers as they are usually looking to expand/acquire a product line, find an alternative production source, or add a synergistic business to their portfolio. But, for the average business buyer, this can be trouble. Instead, look for a successful business model and/or the lifestyle that the business can provide for you and your family. If you focus too much on the product or service, you will likely overlook some important factors that pertain to the business model. This can be dangerous, as sometimes reality in relation to sales forecasts or profitability can be skewed because of the passion for the product or service. Think about it – what is more attractive: business with beautiful products that you love, however, can never sell enough of to make payroll or rent at the end of the month, or a company that sells a boring product that you can’t seem to keep on the shelves because your happy salespeople and support staff are too busy selling and shipping them all day to your paying customers?

Realize it may take time. Keep going.
The business search process can sometimes be overwhelming, and you may want to give up. There are lots of types of businesses and a number of each type for sale. Don’t get discouraged. If you begin looking at opportunities using the criteria you have built and knowing what your strengths and weaknesses are, you can narrow down your interest list to a manageable number of businesses. You can also rule out a large portion of businesses based on your own preferences and desires. Once you have done this, start making contact with whoever is responsible for the listing. Contact reputable brokers to let them know what you are looking for. Visit some of the businesses and meet with the sellers of the ones you are most interested in. By doing this, you will learn more about what you are trying to achieve and how you will achieve it. You will never buy a business only by going online or looking at a newspaper ad, so take a proactive approach and get involved. Before you know it, you will have found the perfect business for you, and you’ll be off and running!

For more information or to view business opportunities and Thailand’s best businesses for sale, please call us at 02-658-5588 or visit www.elitebusinessthailand.com.