How Will You Add Value to a Business You Buy?

What are you going to do once you buy the business?

I get multiple calls and emails every week from people who want to buy a business but don’t know where to start.

Their dream is to own a business, and I love hearing it because it was my dream too.

At the end of every conversation, I ask the same question: How are you going to improve a business?

This question often leads to silence. It’s not what most people expect, but it’s essential to consider before starting the search.

It’s one of the most important questions you can ask, and it should guide your entire approach to buying a business.

If your strength is process optimization, look for a business that needs better systems.

If you’re skilled at sales, seek out a business with a great product or service but no clear strategy for selling it.

Planning to hire for a skill the business lacks before you even buy it is a risky move that rarely works out.

If you can’t add value, why would you buy the business?

If you don’t have a clear strength yet, find an area that interests you and commit to learning everything about it—whether it’s digital marketing, customer service, project management, or another field.

As you develop expertise, your search for the right business will become much more focused.

What skill sets do you think are most important when buying a small business? Let me know your thoughts.