Where do businesses go when their owners have a business retirement plan or want to open another business? Most die out and are never to be seen again.
One man and his team are working toward another solution-brokering businesses. John Lichter, owner of Sunbelt Business Brokers of Morgantown, can help you find the perfect business to buy based on your industry and location.
Sunbelt has an extensive network that will enable you to find your dream business. Based on your industry and location, Sunbelt professionals will search thousands of business-for-sale listings to find the business for you. Once an acquisition target is determined, the professionals at Sunbelt will walk you through the negotiation and acquisition process.
For owners ready to sell, Sunbelt will also walk you through the process. The professionals at Sunbelt have more than 30 years of experience in the brokerage industry.
With 30 years of experience, Lichter, a guest on The Positively West Virginia Podcast, has gone through some ups and downs. He talked with Jim Matuga, host, about his experiences, and how you can fit your business into your business retirement plan.
What’s one of your worst business moments?
Asking a business owner what is one of their worst business mistakes can provide some great insights. You can tell if they’ve learned something and potentially not make the same mistake yourself.
Lichter recalled a time where he rushed into buying a business and didn’t do due diligence in researching the business before investing.
“My worst experience actually occurred in West Virginia,” Lichter said. “Several years ago, I took a break from the business brokerage and took an interest in helping the seller of the business, and my wife and I actually bought a restaurant. It was a great opportunity. We saw some things we could do to improve the business and help the community.”
“We tried to to move quickly. I didn’t do our due diligence.”
His lesson learned was, “there are no shortcuts!”
What’s one thing you do everyday that you think contributes to your success?
Part of being a business broker is networking within the community and knowing the ins and outs of how businesses are doing. “The best thing I do at this age is networking,” Lichter said.
“I meet people, and they’re often buyers or sellers and potential brokers or influencers,” Lichter explained . “I’m working right now to promote our business statewide.”
What would you say is the best thing about being in business in West Virginia?
“I think it’s a tremendous opportunity. For us as business brokers, there’s virtually no competition,” Lichter said. “If we were in Florida, there would be more than 1,000 brokers in the entire state.”
“We find here that there are a lot of areas that are underserved. There are business owners who want to sell their business, but there isn’t enough entrepreneurial DNA. So the fact that there isn’t a lot of buyers, there’s an opportunity for someone to step up and own several businesses,” Lichter said.
Lichter was a guest on The Positively West Virginia Podcast. Listen to his full podcast here.
PWV QUICK BITS | BUSINESS RETIREMENT PLAN
- RECOMMENDED BOOK: Built to Last by Jim Collins
- PERSON WHO LICHTER WOULD LIKE TO MEET: Secretary of Commerce
- PIECE OF ADVICE: “Network.”