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Guide to Connecticut Business for Sale
How to find and buy businesses for sale in ConnecticutIt is often more expensive to buy a CT business for sale than to start a new one, although it is generally easier to obtain financing for an existing business. Investors tend to be more comfortable with a business that has a proven performance.
There are three primary actions to perform before buying businesses for sale in CT:
1. Review the tax returns and financial statements over the last few years for the business for sale. Connecticut businesses can measure their growth potential with actual experience rather than conjecture.
2. Examine the current profits for small businesses for sale. Companies for sale in Connecticut will have expenditures such as employees’ salaries, utilities and insurance that you must deduct from the sales revenue.
3. Inspect the operations of prospective business opportunities. Connecticut businesses may have obsolete inventory, dissatisfied employees or outdated distribution methods.
Action Steps
The best contacts and resources to help you get it done
Find a Connecticut business for sale
Many websites offer listings of Connecticut businesses for sale. These listings should show the location, asking price and cash flow, among other details.
I recommend:
BusinessBroker.net allows you to select the business location by state and you may also specify an industry and asking price range in your queries. The advanced search option at BizQuest.com will let you select the type of business, city and length of time on the listing, among other parameters.
Locate business brokers in Connecticut to assist you in the purchase process of a business
A Connecticut business broker can identify businesses that are clearly undesirable and help negotiate a price on the best candidates. A business broker also will help you obtain any licenses and permits that Connecticut requires.
I recommend:
Basso Associates is in Stamford and specializes in pre-qualifying buyers and sellers of businesses in Connecticut. Century Business Sales, with offices in Clinton and Washington, offers business brokerage services to clients throughout New England.
Hire a Certified Public Accountant when considering buying a Connecticut business for sale
A CPA will need to review the financial records of any business in which you are interested. Additionally, a CPA can ensure that you file any required legal documents.
I recommend:
Mark S. Gottlieb and his firm MSG is in Stamford and provides business valuation and forensic accounting services primarily for the purpose of acquisition. Walter C. King Associates is based in Westport and provides business valuation for clients in Connecticut, New York and Rhode Island.
Tips & Tactics
Helpful advice for making the most of this Guide- Determine the owner's reason for selling before buying a Connecticut business for sale. The owner may no longer be interested in running the business or there may be legitimate financial reasons for putting it up for sale. You also will want to review the marketing strategy for the business because many lagging businesses can be revived with proper advertising.
