“Possibility” is a difficult concept! Someone could be right in front of you and yet you could miss them by a mile. Other times, possibilities are obscured by current dramas that help us misread or miscalculate potential.

Business opportunity? It’s not really a mystery! Rather, it’s a matter of deciding what you want, figuring out where to find it, planning how to use it, and then strategizing about its potential. In the case of the first part – making decisions – you practically do it yourself. However, when it comes to sightseeing, it is wise to enlist the help and expertise of a professional commercial real estate agent who knows the region of your interest.

Possibility! For you, this may mean that it is the right time to put your successful business up for sale and pursue other dreams! This decision may open up an opportunity for someone else who wants to buy a successful business located exactly where you are. That’s how it is with entrepreneurship! Each community depends on its commercial aspect for its overall stable economy.

In Lake County, as elsewhere, our businesses drive and power almost every mechanism that makes our communities work – for other businesses, for housing, for public services and for our nonprofit organizations. It is important to be aware (regardless of whether you decide to sell or want to buy a commercial product) that reasonable and necessary rules apply in both cases. These disciplines vary in their critical considerations – depending on the experience of the Buyer or Seller.

“Possibilities” flow both ways. Your experienced commercial real estate agent has been involved in both types of transactions – selling or finding the business a client has in mind – right here in Lake County. In both cases, time becomes critical! You don’t want to waste it (… time is still money!), you want to complete the transaction as efficiently and effectively as possible.

First-time sellers can benefit by remembering and reconsidering what was important to them when they started the business they now want to sell! Keep these memories in mind as you take on the preparation challenges. The most important thing – without a doubt – is an accurate presentation of the company’s values. Uppermost discloses financial information honestly. Yes. Some may try to “complete the picture,” but sooner or later the potential buyer’s financial expert (or the IRS) will question the facts! Fraud in any material respect – if discovered or suspected – may breach the contract.

The key is to keep your books organized and accessible. Operational transparency will be important for a potential buyer. Insights about staffing, the impact of local trends on the company and personal time investments should all be disclosed. Also remember that goodwill and your community participation network provide important information to potential Buyers.

If you decide you want to buy an existing company, understand that this is a completely different situation than growing a startup. An existing company has baggage – it may be Louis Vuitton, but it may be a bag from a thrift store!

You need to be realistic about your readiness. Are you planning to run it yourself? Do you have experience and knowledge in the location you have in mind? What about management and staffing know-how? Have you checked what you think are the advantages of owning/running your own business? Or maybe you are just looking for a different work paradigm? (Trust me, these roles are not the same!) Have you considered that old, tried-and-true test – two lists of reasons: Buy! or Don’t buy!

You may be planning to finance the company and hire the right operations team, but you won’t be involved in the on-site process. It’s a completely different ball game.

It’s easy to see that the smart and best place to start is with an experienced commercial real estate agent. Knowledge of the local market is essential. Knowing local business owners is helpful. Making the right Buyer and Seller match means being able to establish the facts, expectations and feasibility on both sides of the equation. And that requires an expert! So think before you start because you want to get the best results.

Jim Magliulo is a leading commercial real estate agent in Lake County. He has served as the company’s Sales Agent of the Year for 5 years and holds the Lake County record for highest total sales in a single year for a non-brokerage agent. He can be reached at County Air Commercial at 707-263-5729, [email protected] or www.CountryAirCommercial.com. If you would like to receive notifications about new sales in Lake County, please send Jim your email address.