Use your affiliations during the negotiation. Tap a broker that will help you assert your offer to a business that is off the market. You may want to consider an accountant to help you with the negotiation but some brokers are experienced enough to assist you on this. Kindly consider the rate for hiring them though.
You may then facilitate due diligence to see how this acquisition will benefit you. This may also help in identifying any problem that may arise along the way once turned over to you. This step is very vital and is considered a legal need for an acquisition. Not being able to conduct due diligence may lead to the breach of law or penalty. But more than the sanctions, you as the buyer should insist to probe more details about your prospective business. Through this process, you will have knowledge of the incurred costs, legalities, growth rate, turnovers, and forecasts of your desired business, and give you the confidence before finalizing the acquisition.
Some information though may not be given immediately by the current owner. To know about the operations or customer transactions, you may do your own research in the similar businesses in the area. You may observe how they perform or you may reach your targeted business and disguise as a client.
To know which business you may target, here’s a list of the small businesses trends in 2018:
Usage of mobile technology
Now that the number of residents in Canada who own smartphones has grown, small businesses are now looking into investing in the incorporation of mobile into their web development and marketing strategies. These gadgets have now been an important tool for your business operation.
Payment is done through mobile
With the increase in usage of mobile and the contactless payments, mobile payment is seen to grow this year. Despite the security concerns and lack of knowledge in the usage of these methods, an increasing number of small businesses now utilize different mobile payment methods such as Paypal, Apply Pay, and Google Wallet for the transactions, in order to attract more shoppers. Some also develop their own rewards app so they provide additional perks to the customers on top of their purchases. For the customers to gain confidence in the payment method, the small business must provide a guide on how to use this method and ensure that the details of the customers will remain confidential.
The usage of social media platforms such as Facebook, Twitter, and Instagram for business has been growing. They have become effective tools for marketing products and services. Small business owners might have to consider these platforms in coming up with marketing strategies to also connect with their market that is always online.
This is a special marketing tool that advises shoppers when they’re near a certain branch and presents which products you can offer to him/ her. It stimulates the impulse to buy especially that the shopper is already near the store. Small business can invest in this low-cost and trending marketing method.
Usage of video for content marketing has become an effective platform to advertise products and services, especially now that making a video has become much easier with the use of smartphones and tablets. This can be a powerful tool to market what you can offer, without the need for big investment for it.
Most shoppers demand their products to be delivered immediately that’s why overnight shipping or same-day delivery has already been offered by some large businesses. A small business may also delve into offering the same feature to attract more shoppers.
Some businesses for sale, found in online marketplaces, even those located in Canada, are already utilizing some of these marketing trends. This appears that Canada is not lagging behind when it comes to the modern and convenient methods to attract more shoppers. You may also learn about the businesses located in specific locations through this.