Terry Monroe, founder and president of American Business Brokers & Advisors (ABBA) and author of Hidden Wealth: The Secret to Getting Top Dollar for Your Business, has owned and operated more than 40 different businesses and sold in excess of 800 businesses. Thus, his guidance:

The question in the headline is one many people ask themselves for a variety of reasons, and it becomes even more interesting when they’re considering purchasing a business after the COVID-19 pandemic ends.

That leads to a series of related questions. Such as, what types of businesses and locations will represent the best opportunities post-COVID? Which ones will pose the highest risk? Should potential new owners expect to get a decent deal, or would it be worth putting a bunch of their savings toward?

What kinds of companies have these potential owners been dreaming of during their working days? Shouldn’t it be the kind of business they could enjoy, rather than one that would run them into the ground, perhaps causing regrets and a lot of lost money?

Chances are, a lot of people will be ready to sell after the draining pandemic, and here are some tips to help you decide about buying:

  1. Decide how much money you want to make. This should be the first question you should ask yourself, because the amount of money you want to make determines what kind of business you are going to buy.   
  2. Pursue a business you would enjoy. It is always better to be involved in a business that reflects your interests and brings you enjoyment. Ideally, your vocation will be a vacation. We don’t want to acquire a business that requires us to be behind a desk all day long when our passion is to be outdoors.
  3. Make a list of all your talents. From the obvious to the forgotten ones. Don’t leave any of them out. If you are proficient at MS Word, Excel and other computer programs, write it down. If you know how to play a musical instrument, be sure to include it on your list of talents. Take a complete inventory of things you know how to do, which will be important in your search for the business you are going to acquire.
  4. Select where you want to work. Do you want to stay in the same area where you are residing now, or are you willing to relocate? If you are not interested in relocating, then there is a possibility your opportunities will be limited, unless you decide to work on a national basis by selling products on the internet.
  5. Know who you are as a potential business owner. Are you a self-starter who is disciplined, and once you start a project you finish it? Or do you perform better with a partner? I have worked with many people who, even though they were provided with a step-by-step guide for what to do, they were not able to implement and complete the program themselves. But if they partnered with another individual, they completed the job.
  6. Know your comfort level – out front or behind the scenes? Do you like working with the general public and servicing the general public, or are you more comfortable behind the scenes helping people via emails or telephone? If you are an introvert who feels uncomfortable talking to people in person on a daily basis, then you should not own a retail or service business that requires a lot of personal interaction.
  7. Don’t get hung up on how and where you will get the money to get started. Once you have determined how much money you want to make, what you enjoy doing, what your talents are, and where you want to live, finding the right business gets a lot easier.
Tom Schuman is the senior vice president of communications & operations for the Indiana Chamber. He is also the editor of the Chamber’s award-winning BizVoice magazine and has been with the organization for 21 years.