Has anyone purchased an existing business before? I've come to the realization that I won't ever be happy working for someone else. I have a good job in banking, but I'm sick of the nonsense, layoffs, politics, BS, etc. I just can't bring myself to even feign interest in my job anymore and I need to do something different. I own 22 units of rental real estate and, odd as it may sound, I'm much happier wrenching on a broken toilet than wearing a suit in a boardroom. I believe the correlation is that I can be excited about anything (even fixing a toilet) as long as I'm doing it for something that's mine.
My wife is part time and I'm definitely the primary breadwinner. Lately I've been keeping an eye on the local business broker website to see what businesses are for sale. I don't really have the ability to start my own company b/c I need to keep the income rolling in, so I thought it might be a better idea to buy an existing business. I would likely apply for an SBA loan or something similar for the purchase.
Has anyone ever done this? Any advice? Part of me thinks, if the business was any good they wouldn't be selling, but I'm interested in learning more from anyone who has been down this road.
For further context, I like the idea of manual labor/service type businesses b/c I don't see them as being easily disrupted by technology. HVAC, plumbing, electrical, roofing, etc. There is one I'm interested in now that's a fence installation company. 40 years in business. Cost is $400k. Owner earnings are $210k. That's just one example.
Looking forward to hearing your thoughts/experience with buying an existing business!