BizBuySell Explained: Complete Guide for Assisted Living
Nov 23, 2024
Have you thought about buying an assisted living business? BizBuySell is an online marketplace that makes it easier to find and buy businesses, including assisted living facilities. Whether you’re new to the game or an experienced investor, this guide will walk you through using BizBuySell to find and purchase the perfect opportunity.
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What is BizBuySell?
Think of BizBuySell like a giant online store for businesses. It’s a bit like a website called LoopNet, which focuses a little more on real estate, but BizBuySell is all about buying businesses. With tons of listings, BizBuySell lets you search for businesses that match your budget, location, and industry—like assisted living!
Getting Started with BizBuySell
To begin, head over to BizBuySell.com. Once there, you’ll notice easy-to-use filters that help you search by location, industry, and price. Just click on “Businesses for Sale” and type in what you’re looking for. For example, you might search for “assisted living” in your state. You can even save your search and get email alerts for new listings that fit your criteria, so you won’t miss any good opportunities.
Building Connections with Brokers
Brokers are like real estate agents for businesses. They know all the ins and outs and can help make buying an assisted living facility go smoothly. When you’re searching on BizBuySell, you’ll see contact info for brokers on each listing. Don’t be shy! Reach out, ask questions, and start building a connection. Brokers will appreciate it if you’re clear and professional, which can help you get closer to sealing a great deal.
Key BizBuySell Features
BizBuySell has several useful features that make it easy to find just the right assisted living facility:
- Detailed Listings: Each listing has information about the facility’s financials, history, and contacts.
- Email Alerts: Set up notifications for new listings so you’re always up-to-date.
- Industry Guides: BizBuySell offers articles and tools to help you learn about buying a business.
For example, you might find guides on loans, working with brokers, and even understanding business terms. These resources are great if you’re just starting out!
Why Use BizBuySell Instead of LoopNet?
Both BizBuySell and LoopNet have listings for assisted living businesses, but they each have their strengths. LoopNet is more focused on real estate, while BizBuySell is designed for buying full businesses. Using both platforms can give you more options, but BizBuySell’s tools are built specifically for business buyers and sellers, making it a bit easier to dig into business details.
Step-by-Step: Using BizBuySell to Find Your Assisted Living Business
- Go to BizBuySell.com: Once you’re on the homepage, look for “Businesses for Sale.”
- Use the Filters: Set your filters to narrow down listings by location, industry, and price range. Try typing in “Assisted Living” and your state.
- Save Your Search: By saving your search, you can get alerts for new listings that match your filters.
- Review Listings: Each listing has details about the business, like financials, the broker’s contact info, and a description of the facility.
- Contact the Broker: Send a quick message to the broker if a listing catches your eye. Just fill out the form, introduce yourself, and ask any questions you have.
Final Thoughts
BizBuySell can be a great tool to help you find, research, and connect with potential assisted living business opportunities. By using this marketplace wisely, you’ll have a steady stream of potential options to choose from. Ready to explore what’s out there? Download our Business Plan Checklist!
Need help figuring out where to start? Join the next Roadmap Challenge and build your launch plan with me.
Show full transcript 👇
Transcript
00:00:01
[Music] hey guys it's brandon gustafson welcome back to assisted living investing i'm happy that you could join me again here on the channel uh today we're gonna go over biz by cell last time we went over loop net and biz by sale is very similar so we're gonna be able to talk a little bit about that and what it looks like how it works i'll do another tutorial for you really quick on on how to do that but i wanted to to share this other great resource so that you can get started and just kind of looking for
00:00:41
deals i think that is one of the most important things you can do is just start and this is baby steps um you don't even have to reach out to somebody if you don't want to but this gives you a good resource for how to start looking at a deal how to get up the courage to have a conversation with somebody and they'll let you find something that you can invest in so i just want to give you a little bit of information about biz by sale how you can use it to get you started on your journey and we'll go
00:01:08
from there make sure you like comment subscribe let me know how you're liking the videos and that will let us make better content for you that's going to help you go down the path of letting you invest in assisted living let you invest in real estate and get you started and making a difference in your life and the lives of those that you love so really quick high level overview of biz by sale biz by sale is just another website uh that gives you some information about it's like commercial
00:01:36
listings um but how it differs from loopnet is biz by sale is very specific to businesses and franchises that are for sale so it's not it's not specifically real estate oftentimes it's going to come with real estate but it is more focused on businesses that are for sale so you can interact direct with business owners which is which is kind of cool it's a good and a different way of interacting with people it's just another good way for you to kind of get to know people interact with them and
00:02:05
interact with business owners which is always useful business owners are great people to talk to uh so that's kind of the difference between loop net and biz by sell and how they definitely going to find a lot of the same listings on loop net and business by sell a lot of brokers are actually going to put their information on a lot of these resources but i want to make sure that you have an understanding of how you can use this website uh to filter and find opportunities just so you can get in
00:02:30
there because not everybody is using the exact same free broker realtor is going to list them in multiple places and so being aware of different resources that are out there is just going to make it a lot easier for you to find opportunities that that will work for you the filters on biz by sales when we get into the tutorial you'll see this there they're probably a little bit more basic even than what loopnet has at the beginning you're going to choose your location your geographic location and the type of
00:02:56
business the industry that you want to do after you filter it down there you can there are there's a more robust filter panel that's going to let you filter and find a few different things that are a little more specific you know based off of price or industry or or things like that we'll get into that in the tutorial but it it's somewhat similar i would say probably even a little more simple than what you're looking at when we when we're going over loopnet just like loopnet you're going to be able to find
00:03:23
that listing agent's information either through a portal or through their email phone number so we'll get into that it looks a little bit different it's the same type of information there for you as a as a good resource to reach out to brokers and and really get something that i didn't mention on the video with lupnet is developing relationships with brokers is just extremely important and showing that you are somebody that's serious about buying a business and that you can be responsive
00:03:49
and that you can close on a deal building those relationships is key with brokers it really is and this is really good practice to do that so when you are interacting with brokers make sure you are professional that you're having good conversations with them that you are acting like a professional all of your interactions with them phone calls emails um sound very professional and that when they ask you for something you're responsive and you get right on it or you give them a time frame for
00:04:17
when you'll be able to get it done or if you're going to be out of town on vacation or something like that that you let them know like let them know those things over communicate with the brokers it will go a long way if you're able to do that another thing that sets biz by sale apart from lupne is it has some really good kind of educational resources around the process of buying a business so it's got a lot of that information in there which is really helpful as you're getting started so you
00:04:41
can even use this just as a resource to get familiar with what the process is like when you want to buy a business it's going to kind of walk you through how to find lenders what a non-disclosure agreement is interacting with a broker like it's going to give you a lot of that information there and so it's it's very helpful in it just as a resource in helping you go down the path of purchasing your own facility again in this video i'm going to go over a few terms that i think are going to be
00:05:07
useful for you as we're going through things i just remember the ones that we went over last time these are a few more that i think are probably going to be helpful and and just helping you learn some of the the terms that come with real estate investing or buying a business or assisted living or things like this i'm going to go over a few of those terms with you today as well the first term that you're going to see as we get into the tutorial is an established business so what is an
00:05:33
established business it is an existing business it's something that is there it's existing you're not starting it up out of nothing it has historical financials it's got assisted living it's got existing residents existing staff a lot of times an established business will come with things like a sales list or resources like that so when it's talking about established businesses by snow that's what it's talking about another thing we're going to see that's
00:06:00
a little bit different from lupne is franchises so franchises are you can think of them as like mcdonald's or wendy's or some of those fast food places are franchises but there are thousands of franchise concepts out there there are some that i'm actually looking at myself to get involved with i really like the franchise concept and what it brings what's different between a business and a franchise as a franchise often is going to come with well really a franchise comes with the
00:06:29
framework kind of built in there are proven processes they're going to be other business owners that you can interact with there's going to be policies and procedures that are written for you there's a lot of those resources that are key to having a successful business are going to be available to you when you're working with a franchise that's what it's there for um to have you build and run a successful business where it differs is a franchise is going to have certain fees so there's going to be
00:06:58
marketing fees there's going to be a franchise fee that you have to pay to the franchisor based off of the income that you have coming in so there are extra fees that are associated with it but you get some extra benefits so there's pros and cons there and i'm not saying anything bad about franchises or going certain franchises that might do assisted living like do your due diligence and see is this something that that fits for me is this something that's going to help me out if it is then great i think
00:07:25
franchises are are awesome when you're looking at franchises on biz by spell you might see uh franchises for assisted living i don't know that i've ever seen any but i've seen stuff for home health and other healthcare related franchises so you'll be able to find a few things there but that's the difference between a franchise and a business and i'm happy to to talk about those a little bit more make sure you comment below so i can see if there's any questions about
00:07:50
franchises versus businesses and the pros and cons there the other term is a broker and i talked about this a little bit earlier broker is an individual or a company that mainly is there to help with the acquisition process of of a business or real estate they're there to kind of walk you through the process they are educated in it they've worked in it a lot of them will specialize in certain different types of of an industry so um i've worked with brokers in the past that are very specific to assisted
00:08:19
living and they can help you walk through the process of getting licensed or doing a change of ownership or understanding what the policies and procedures are who to talk to at the state or those types of things brokers are just an incredible resource i mentioned in my video where how i got started in assisted living that i found just a rock star of a broker his name is charlie and charlie was just fantastic in helping us get down the process of of finding a facility closing the deal multiple times and just i can't speak
00:08:53
highly more highly of charlie he was just an incredible resource to us total rock star and somebody that i i had a conversation with this morning uh he's just a great guy so find that rock star broker make sure you're developing a relationship with them as i mentioned earlier in the video make sure that you are responsive that you are giving them everything that they need so that they can be successful and help you be successful brokers are going to be key so make sure you're developing finding
00:09:23
and developing a good relationship with a good broker okay we're going to get into a tutorial of how to use biz by cell now so the first thing you're going to do is go to bizbycell.com and that's b i z b u e dot com so that's the website go to bizbysel.com you can see here it looks a little bit different from loop net up here you've got buy a business you can buy a franchise sell a business so if you're looking to if you have a business you're looking to sell you can also list it here has some
00:09:54
other tools and advice this is the learning center that i talked to you a little bit about um this is finance center so i think this is a spot where it's going to give you some resources for lenders that you could talk out talk to and then this is another good resource for finding a broker or if you are a broker and you wanted to put that information there you can log in or yeah sign in join as well up here but just it looks it looks pretty simple the website does not a lot to it and there's not even an ability to scroll
00:10:25
like this is the home page this is everything so right here you can quickly switch between franchises and businesses for sale we're going to just do businesses we're going to do utah again since that's where i live and then right here are industries and we're going to go down to healthcare and fitness but you can see there are several different types of industries that you could search for right here so we're going to do healthcare and fitness we'll go ahead and click search
00:10:52
just like on loopnet it's going to give you a listing now of all the businesses this is actually the one that we went over on loopnet so i'm going to choose a different one so we can get there but you can like quickly contact the seller there or if you're signed in you can like these ones down here we'll quickly go over the different filters here so you can choose your industries i can't remember i think you might be able to yeah you could search so there's actually one that's specific to
00:11:18
assistive living in nursing homes so we'll go ahead and we can do that um you can look at established businesses assets for sale real estate um and then you could do startup businesses as well and so we'll click on that just so we can get some of those in there you could set a price range so if you know like i need it to be between 500 and 750 000 you could put that amount in there so we could say i want it i want it to be between 500 750 000 let's go ahead and apply that and you can see like i'm already narrowing
00:11:48
in on on some of these then there are some more filters you can get really kind of in the nitty-gritty here of of putting something in there and if you wanted to just clear that you can do that the other thing that's really nice about biz by selling i think you can actually do this on loopnet is you can do a save search so i could log in do a save search and now you can set up the cadence at which you want these uh notifications to come to you so say you wanted this to come to you weekly you could set it up so you're
00:12:15
getting a weekly email that says hey we had a new listing you could do it immediately you could do it on a monthly basis that way you you can find some of these deals that are coming to you and and set it up as a process so you don't have to go in and look um every single day this is actually the one that i wanted to look at so this is a an assisted living facility in highland utah so this is kind of near the provo area which is where byu is located um it's it's it's relatively close to that
00:12:44
so this is a facility uh you can see like it's it's a house and this one was actually on loopnet as well so you could go there and compare the listings same with that one in saint george that we looked at online but this one just has one picture i think on the loop net listing it actually has multiple i've looked at this facility uh a few times in the past actually and here so you can get a view of what it looks like here the house you can see the asking price some of them will give you this really
00:13:10
high level overview of what the finances are are looking like so how much that real estate is worth the inventory when that business started uh ff e and we'll get into that a little bit i think in a future video but epiphany stands for furniture fixture and equipment so that's the bed that's the couch that's the refrigerator like all those appliances and things like that so ffa is something to be aware of it's going to typically be purchasing when you acquire a facility and then ebitda
00:13:41
is you can click on these you can hover over these little question marks and ebitda is the earnings before interest taxes depreciation and amortization so that's basically the the amount of money that is coming in before so just it's a good metric for you to get into i'm not gonna i'm not gonna get too deep into the finances and different metrics and things in this video but i'll do that in a future video so make sure you comment below if that's something that's interesting to you and
00:14:07
then from here you get into a business description so this is like loopnet the overview this is what the business is and you can see like this one has they've gone through a renovation you can see in this one as you read through this business description they they went through a lot of research and everything they've gone through the process of getting everything ready and up and running and then they were told they were they decided to to go on a mission for their church um and are serving now
00:14:34
in japan and and so they're not able to be there they're they're working in japan and doing some service there and uh now they have this facility and they need somebody to to take over it for them and so yeah it gives you a little bit of information here looks like they have a link for a virtual tour so you could click on that and uh and see what it's like on the inside uh this right here the detailed information gives you location uh what's included in the asking price if they
00:15:04
uh you know the real estate the square footage how many employees uh ff e we talked about a little bit earlier looks like they dropped their price recently and i actually looked at this when it was up near a million dollars so yeah like i've looked at this one a few times gives you some other high level overview and i think if you like join you get a little bit of this stuff or it might just be signed in so the listing statistics so you could see like how long it's been on there if it's appeared in a search and things
00:15:36
like that um and yeah so that's kind of the gist of of how this works and then just like on loopnet this is how you can contact the seller so you can put in your name and so i would you know brandon gustafson my phone number and then my 555555 info at be well assisted living oops i put an extra period in there living.com um and then put in your your zip code your purchase time frame so that's like how long are you able to do this do you have cash you're able to do this immediately or is this something that it
00:16:15
might take you a little bit of time so you know six months or something like that then you would put in your your message to the seller hey i'm really interested in purchasing this facility i'd love to learn a little bit more about it can i get the financials or something like that it's gonna then send it off to mark ryan who is the the listing agent for this the broker and then you can just click on contact seller it's gonna go out to them you'll get a confirmation email that has gone out and then you can
00:16:43
start having a conversation with that broker so and then another resource here is you could like click on this view my listings and it's going to show you everything that mark ryan has and then you could have a conversation when you get on the phone with that broker and say hey i'm really interested in this assisted living facility here but i also saw that you had this business and i'm kind of interested in that one too tell me a little bit more about it and it kind of helps you build that
00:17:07
relationship there as well so i hope that tutorial was helpful i hope you were able to learn a little bit about biz by sale how it works how you can use it as a resource to help you find deals and how to create kind of some deal flow um especially that was something that i i didn't notice on biz by cell when i was looking at it before but you could set up some notifications so that you could get some definite deal flow especially if you're looking at different areas or things like that that
00:17:31
makes it come to your inbox you don't have to go out there every day and look for new opportunities biz by sell is another just awesome resource that's going to help you just get comfortable looking at deals having conversations with people and highly suggest that you get on there use some of these resources so that you can build something that is going to work for you for your family and find an opportunity of an existing business that you can get in purchase and move forward with i think it's a great way to do it i'll get
00:18:00
into that another in another video purchasing an existing business versus starting your own facility i've looked at doing both obviously i purchased both of my facilities but it's not something that i'm totally against starting a new facility there's definite pros and cons to to both of those so we'll get into those in a future video so make sure you like comment subscribe let me know if uh this was helpful to you let me know uh what you want to see uh what we should look at next time so that i can make the
00:18:28
content that works for you that's going to be helpful for you as you go on your journey to to start an assisted living facility get into this industry and help change the lives of all those people around you next time we're going to be talking about setting up a virtual tour so we're going to be uh you know let's say you got on loopnet you got on biz by sale you reached out you've got the financials and now you want to see the facility but it's out of state or go what's going on and you just don't know
00:18:54
how you're going to do it so we're going to go over how to set up a virtual tour what a virtual tour is uh how you can and have that interaction and see the facility and and really get started uh kind of analyzing the deal from more than just a numbers perspective and make sure it's a facility that's going to work for you so again make sure you like comment subscribe and i'll see you in the next video [Music]
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