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Guide to West Virginia Business for Sale
How to find and buy businesses for sale in West VirginiaIt is often more expensive to buy a business for sale in WV than to start a new one, although it is generally easier to obtain financing for a business for sale. WV 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 West Virginia:
1. Review the tax returns and financial statements over the last few years for a business for sale. West Virginia businesses can measure their growth potential with actual experience rather than conjecture.
2. Examine the current profits for small businesses for sale. West 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. West Virginia businesses may have obsolete inventory, dissatisfied employees or outdated distribution methods.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
Find a West Virginia business for sale
Many websites offer listings of companies for sale. West Virginia listings of businesses for sale should show the location, asking price and cash flow, among other details.
I recommend:
MergerNetwork has an extensive database of businesses for sale in Vermont and provides a summary of each listing. 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.
Locate business brokers when you wish to buy a West Virginia business
WV 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 West Virginia requires.
I recommend:
Toktin Business Brokers is in Harpers Ferry and assists clients in purchasing businesses in Maryland, Virginia, Delaware and Washington, DC. Premier Strategies is in Charleston and provides brokerage services for buyers and sellers.
Hire a Certified Public Accountant before purchasing a West Virginia business for sale by owner
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:
Arnett & Foster has two offices in West Virginia and offers a complete range of accounting services including business valuations. Brown Edwards & Company is in Bluefield and has a full-service business valuations group.
Tips & Tactics
Helpful advice for making the most of this Guide- Review the physical assets of the West 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 West Virginia requires.
