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Tips to Purchase a Plumbing Business in Charlotte, NC
The population in Charlotte, NC is expanding, which means new residences are being built. As the number of homes continues to grow, the demand for reliable plumbing services is expanding as well. Paired with a 2.3% annual growth rate in the plumbing industry, now is an excellent time to purchase a plumbing business in Charlotte, NC.
5 Questions to Ask Before You Purchase a Plumbing Business in Charlotte, NC
Keep these five questions in mind before purchasing a plumbing business in Charlotte, NC to help make a wise financial investment.
1. Why is the current owner selling?
It’s important to know why the current owner is selling the plumbing business. The most common reasons owners choose to leave are due to retirement, burnout, relocating or a new opportunity. If the owner cites any of these reasons, there likely isn’t any cause for concern. On the other hand, if the owner is leaving due to financial reasons, it’s something you will want to research to see why the business is struggling. While a transfer of ownership may affect the business’ success, always be sure you know as much as possible before proceeding with a purchase.
2. What is included in the sale?
To run plumbing businesses in Charlotte, NC, you need equipment and resources. One of the most critical pieces of equipment you’ll need is company vehicles. Are the vehicles included in the sale or will you need to get your own? You’ll also need to consider how you’ll pay for the gas in between job sites. Finding out if the plumbing business you’re interested in purchasing includes the equipment and resources will help determine the full value of the business.
3. How profitable is the plumbing business in Charlotte, NC?
Before plunging into a business, you should first figure out how profitable you could be. Keep in mind that the industry as a whole generates $106 billion and employs roughly 500,000 nationwide. With the right steps taken, your Charlotte plumbing business could see astounding success.
To help ensure your purchase is profitable under your ownership, consider how to maintain a good business reputation, identify steps to accommodate environmental requirements, and develop reliable practices for tracking various maintenance contracts. Putting these practices into action will not only help you succeed, but may even help set your business above the rest of the competition.
4. What is the listing price?
If you’re ready to purchase a plumbing business in Charlotte, NC, you’ll need to understand all the factors involved in the advertised listing price. Many business owners allow emotions and other motives to inflate their asking price, so it’s best to determine a reliable value before placing an offer.
At VR Business Brokers of Charlotte, we understand the business buying process can be overwhelming for both first-time buyers and seasoned entrepreneurs alike. To help you close a successful deal on a Charlotte business, consider enlisting the help of one of VR’s expert brokers.
5. How are you going to pay?
Now that you’re ready to invest in a plumbing business it’s time to decide how you’ll fund your newest purchase. It can seem daunting to put up a large sum of money, so be aware of ulterior financing options available to you when it comes time to sign the dotted line.