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Guide to Virginia Business for Sale
How to find and buy a business for sale in VirginiaIt is often more expensive to buy businesses for sale in VA 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 businesses for sale in Virginia:
1. Review the tax returns and financial statements over the last few years for the business for sale. Virginia businesses can measure their growth potential with actual experience rather than conjecture.
2. Examine the current profits for small businesses for sale. Virginia 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. Virginia businesses may have obsolete inventory, dissatisfied employees or outdated distribution methods.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 VA business for sale
Many websites offer listings of Virginia businesses for sale. 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.
Find business brokers in Virginia to assist you in the purchase process
A 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 Virginia requires.
I recommend:
The Oakwood Group in Vienna offers its services to both buyers and sellers of businesses in Virginia. Sajomach Business Services in Chesapeake specializes in the confidential transfer of small and medium-sized businesses.
Hire a Certified Public Accountant when considering buying a company for sale in Virginia
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:
Ryan & Ames is a small accounting firm in Richmond that performs business valuations for the purposes of mergers and acquisitions. Keiter, Stephens, Hurst, Gary & Shreaves has two offices in Virginia and primarily performs business valuations for clients in the Southeast United States.
Tips & Tactics
Helpful advice for making the most of this Guide- Determine the owner's reason for selling before buying a Virginia 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 will also want to review the marketing strategy for the business because many lagging businesses can be revived with proper advertising.
- Review the physical assets of the Virginia 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 Virginia requires.
