Purchasing Michigan businesses for sale will provide you with many benefits over starting up a new business. An existing business will have an established name, client base and a source of revenue. It will also have an established business plan, employees who are already trained and current relationships with vendors.

After you purchase any business you will probably make changes, but when you buy an existing business you are building on a foundation instead of starting with nothing.

Inspect any business for sale in MI you are interested in purchasing. Review the tax returns and financial statements the business has produced over the last few years.

Find out how much each employee is paid, the monthly cost for utility bills and insurance expenditures. Compare these expenses with the monthly sales records for the business. Before you buy a business in Michigan, there are many questions you should ask:

1. How much local competition will your business face?

2. Is the industry you want to invest in growing or shrinking?

3. What overhead costs will the Michigan business for sale incur each month?

4. Does the company have enough inventory on hand?

Action Steps
The best contacts and resources to help you get it done

Hire a CPA to assist in your search for an MI business for sale

A certified public accountant analyzes the financial records of any business for sale and helps you file the necessary legal documents.

I recommend: The Michigan Association of Certified Public Accountants will help you find a CPA within the state. Use AccountantsWorld to find a CPA in any municipality or state.

Work with business brokers in Michigan

Brokers screen companies and obtain financial disclosures from any business that is for sale. A broker helps negotiate a fair price for a business and assists you with necessary paperwork such as licenses and permits that are necessary in Michigan.

I recommend: Acquireo helps you find a broker in Michigan. Business Book Press provides a listing of brokers for every state.

Locate MI businesses for sale

Visit websites that provide listings of companies for sale in Michigan. These sites list details about businesses for sale including its location, the asking price and other important details.

I recommend: Review websites such as BusinessMart.com or BizQuest for listings of available businesses.

Receive financing for your purchase of a business for sale in Michigan

When you have reviewed the listings of Michigan businesses for sale and found one that you are interested in, you will need financing to make the purchase. Get a business loan to obtain the capital you will need.

I recommend: Noble Funding offers business acquisition loans. Try the BuyerZone for a list of companies that provide business loans.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Find out why the Michigan companies for sale are being sold. The owners may have a reason for getting out of their chosen industry
• •  Review the rate of employee turnover for any business you want to buy.
• •  Examine the assets of the company, such as the office equipment, fixtures and machinery to make sure they are in good working order.
• •  Review the marketing strategy for any businesses for sale in Michigan you may be interested in buying and determine if changes will need to be made to create the best advertising campaign possible.
• •  Find out if the building is up to code with the state's health and safety requirements.