Starting a new business in Ontario involves a lot of steps. Doing the background work is a detailed process that can take weeks or months before you can actually open your doors.
For some people, that kind of a delay is beyond frustrating. If you want to move past the setup work and get straight to the operating-the-business part of starting a new business in Ontario, consider purchasing an existing business.
Looking at businesses for sale in Ontario allows you to take control of a business that someone else started from scratch. This gives you the ability to begin running the business within a few days or weeks after purchase.
Finding a business for sale that fits your interests and skills is easier than you may think. In this guide we break down the resources available for purchasing an existing business in Ontario and provide some tips for completing this process.
Why Buy a Business in Ontario? Pros & Cons of Buying a Business vs. Starting One from Scratch
Deciding whether you want to start a business from scratch in Ontario or to buy a business that is already up and running requires some consideration on your part. We’ve broken down the pros and cons to all the scenarios you have for starting to run a business in Ontario.
Pros of Buying an Ontario Existing Business
Cons of Buying an Ontario Existing Business
Pros of Starting an Ontario Business from Scratch
Cons of Starting an Ontario Business from Scratch
How to Find Businesses for Sale in Ontario
Multiple resources exist that make it easier to find businesses for sale that are already up and running. Some of those resources include the following.
Online Business Marketplaces in Ontario
Online business marketplaces list various Ontario businesses for sale. Many of these businesses will have a broker or agent representing the owner, although some don’t.
Real Estate and Business Brokerages in Ontario
Although Ontario real estate brokerages are more likely to list residential or commercial properties for sale on their websites, some of them also list existing businesses for sale.
Online Classifieds with Businesses for Sale by Owner in Ontario
When Ontario small business owners want to avoid paying commissions to a broker or agent when selling businesses, the owners may try to sell the businesses themselves through online classifieds websites. Because no broker or agent is involved, it’s up to you and your attorney to verify the owners’ financial statements before agreeing to purchase.
Business Brokers in Ontario
Business brokers are helpful resources for those looking to purchase an existing business in Ontario. These brokers focus only on businesses, helping entrepreneurs buy and sell existing businesses and properties.
Because these brokers are so tuned-in to the business market in Ontario, they are the best resources for finding a niche business or for purchasing a business in a precise location in Ontario.
They also may learn about businesses that are coming up for sale before they even hit the market, giving you advanced notice that could help you purchase the business before competitors become involved as buyers.
If you are new to negotiating to buy a business, the business broker can help to facilitate the process. The broker can represent you or can serve as a go-between in the purchase. The broker also may be able to recommend lawyers and accountants who can help you verify the financials that the owner of the business for sale is providing.
Some business brokers in Ontario include: