What are the Key Aspects of a Business Acquisition?
Bernard V. is an aspiring business owner, or at least, he sees himself as one already! To make it happen, he has everything planned: investing and acquiring a company. But how can he be sure he’s truly ready for this adventure? BestValue has the answer…
1. Motivation
The first question may seem simple, but it’s the hardest to answer: As an individual looking to invest in a business, am I ready to become independent? It’s a new status that might make some envious, but it comes with significant responsibilities.
Buying a business usually means becoming your boss and the boss of a team. It also means adjusting your schedule, or even your lifestyle, to take on new responsibilities. More often than not, it means uncertainty about what the business will bring you tomorrow. But it also means a great deal of freedom! You get to take on the strategic role of a leader, with the ability to think long-term and develop your project. This is precisely where the question of motivation takes on its full meaning. Acquiring a business is a long process that sometimes requires nerves of steel, but with determination and the right skills, you’ll soon be congratulating yourself on your investment!
2. Skills
Investing in a business acquisition isn’t something you can do without some key skills to make the process smoother.
First and foremost, you need to be a good manager: knowing how to lead a team, having some human resources skills, and understanding financial management will be major advantages. Lacking in one of these areas? Don’t worry, there’s no shortage of training programs. At BestValue, we recommend the business buyer clubs organized by SOWACCESS, which can help fill any gaps, connect you with other buyers, and allow you to share experiences and insights. Being well-supported and well-advised is also a key ingredient for a successful acquisition.
Beyond managerial skills, certain industries require specific technical expertise to ensure the long-term success of the business you’re acquiring. For a potential buyer, this means that their offer could be rejected if they don’t meet the necessary technical criteria. Finally, the commercial aspect is just as important; knowing how to sell a product, being confident, and being persuasive will only work in your favor.
And You? Are You Ready to Invest?
In our next article, we’ll tackle the topic of financing.
If you’re curious about BestValue’s expert advice, stay tuned, more is coming soon!
