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Guide to Rhode Island Business for Sale
How to find and buy a business for sale in RI
It is often more expensive to buy RI businesses 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 a business for sale in Rhode Island:
1. Review the tax returns and financial statements over the last few years for Rhode Island companies for sale. RI businesses can measure their growth potential with actual experience rather than conjecture.
2. Examine the current profits for the small businesses for sale. Rhode Island 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. Rhode Island businesses may have obsolete inventory, dissatisfied employees or outdated distribution methods.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 Rhode Island business for sale
Many websites show listings for RI businesses for sale by owner. These listings should show the location, asking price and cash flow, among other details.
I recommend:
You can search BusinessMart.com for businesses by state and you can further refine your search by specifying the type of business you seek. 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 RI to assist you in the purchase process of a business
RI 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 Rhode Island requires.
I recommend:
Tameracq Partners is in Providence and represents both buyers and sellers for businesses valued at greater than $1 million. Alexander & Company is in Woonsocket and has a department that provides business brokerage services.
Hire a Certified Public Accountant before you buy a Rhode Island 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:
Bentley Consulting Group in Warwick provides business valuation and litigation support. Muto, Vollucci & Co. has offices in Warwick and Newport and specializes in business valuation, especially for mergers and acquisitions.
Tips & Tactics
Helpful advice for making the most of this Guide- Review the physical assets of Rhode Island businesses 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 Rhode Island requires.
