When you are brainstorming ideas for opening a business in Nova Scotia, all your attention may be on starting a new business from scratch. After all, this seems like the logical step.
However, you do have another option in trying to open a business in Nova Scotia – you could purchase an existing business.
There are some pros and cons when purchasing a business that someone else started. It’s especially important to fully investigate any business you are considering buying. This is a major investment, and you don’t want to spend your money without thoroughly vetting the opportunity.
Fortunately, plenty of help exists when it comes to purchasing an existing business in Nova Scotia. We’ll explain some of these sources of help, as well as the options you have for buying an existing business.
Why Buy a Business in Nova Scotia? Pros & Cons of Buying a Business vs. Starting One from Scratch
Although it can be highly satisfying to start your own Nova Scotia business from scratch, this process also can be quite challenging and time consuming. Some people find it far easier to take over an existing business.
Taking the time to explore the pros and cons can help you make the best choice for your particular situation.
How to Find Businesses for Sale in Nova Scotia
Although finding a business for sale in Nova Scotia may seem daunting, you can make use of a number of resources to help you find the best business to purchase.
Online business marketplaces are web pages that list businesses for sale in Nova Scotia. These are a mixture of businesses and franchises represented by a broker, by a specialist in franchises, or by a real estate agent.
A real estate brokerage often will list businesses for sale alongside things like commercial properties and residential homes. The real estate brokerage doesn’t focus on businesses, but it should still have plenty of opportunities worth considering.
When a business owner does not want to pay the fees associated with using a real estate agent or broker, the owner may use an online classifieds website that has minimal fees. You likely will find really small businesses in Nova Scotia in this manner.
Even though the business owner is trying to save fees, you still should take your own steps to protect your investment. Hire an account and an attorney to help you evaluate this type of business thoroughly.
When seeking to purchase a business in Nova Scotia, the best resource often is a business broker. This person focuses completely on businesses and franchises for sale, meaning you can receive information about businesses for sale quickly. You may even learn about an opportunity before it officially goes on the market.
After you tell them what type and size of business you want to buy, business brokers may actively search for businesses for sale for you. The broker can search throughout Nova Scotia or in a particular region or city in the province.
When it’s time for negotiation and the sale, the business broker can facilitate this process. Negotiations over the sale of a business can drag out, so it’s nice to have someone who keeps things moving along smoothly.
Some of the best business brokers in Nova Scotia include: