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How Do I Find A Business To Buy? (<$1.5m)

I've been trying to buy a business in Texas for almost a year now. I have $500k in cash and I'm preapproved with the SBA and/or a private loan (backed with personal assets) of $1.5m.

So I would like to stay under $1.5m if possible, will go higher for the right deal.

I have been using bizquest and bizbuysell pretty much every hour of of every day since I started.

Just last week a good one was listed for $1m. I sent over an LOI within 24 hours for the full asking. The seller then said he has multiple pending offers and started to ghost me. So I emailed him back the very same day with an offer for $1.1m. No response from the seller. So I sent another offer for $1.2m and a 60 day close. No response. I finally get a response and I got outbid. Which is just insane to me. The business was listed, got multiple offers way over asking, and was under contract within 5 business days.

That has been my experience ever since I started. This isn't the first time I've lost out on a deal. It fact, it's the third time my LOIs have gone nowhere.

So I want to change up my strategy. Unstead of waiting for a listing to go live, I think I'm going to start cold calling instead. I made a google sheet drive of over 1,000 businesses in Texas in the industry I want to get in. I have their business name, website, phone, address, and email if I could find it online.

I haven't done anything with this list so far. I'm thinking the best way to go about this is to just cold call and cold email (i also heard that writing hand written letters can work) every single business and see if one of them want to sell to me. It's probably going to take me a year to go through the list and that's fine, I'm patient.

I also tried calling brokers to see if they would do the cold calling for me. They won't. From my impression, brokers only work with sellers and they don't like buyers (just my experience lol)

Any advice or tips would be appreciated.

submitted by /u/ConclusionFluid1229
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How Do I Find A Business To Buy? (<$1.5m)

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