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Guide to Kentucky Business for Sale
How to find and buy businesses for sale in KentuckyIt is often more expensive to buy a company for sale in Kentucky 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 a KY business for sale:
1. Review the tax returns and financial statements over the last few years for Kentucky businesses for sale. Kentucky businesses can measure their growth potential with actual experience rather than conjecture.
2. Examine the current profits for the business for sale. Kentucky businesses 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. Kentucky business for sale may have obsolete inventory, dissatisfied employees or outdated distribution methods.
Action Steps
The best contacts and resources to help you get it done
Locate a business for sale in Kentucky
Many websites offer listings of Kentucky businesses for sale. These listings should show the location, asking price and cash flow, among other details.
I recommend:
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. Go to BizBuySell and select Kentucky as the business location. You can also narrow the search parameters by selecting the business category and asking price range.
Locate business brokers in Kentucky to assist you in the purchase process
KY business brokers 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 Kentucky requires.
I recommend:
Kentucky Business Broker is in Bowling Green and specializes in services for both buyer and seller. Breckenridge Business Consultants in Lexington performs mergers, acquisitions and valuations for businesses throughout the Southeast.
Hire a Certified Public Accountant before you buy a Kentucky business
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:
Chilton & Medley has accountants on staff with specific experience in mergers and acquisitions. Dean, Dorton & Ford has offices in Lexington and Louisville, and offers business valuation services to its clients.
Tips & Tactics
Helpful advice for making the most of this Guide- Review the physical assets of the Kentucky business for sale. You will need to know if the office equipment, machinery and other property is actually in working order. You will also want to inspect the building itself to know if it meets the health and safety standards that Kentucky requires.
