Melissa is a mother of 2, lives in Utah, and writes for a multitude of sites. She is currently the EIC of HarcourtHealth.com and writes about health, wellness, and business topics.

If you’ve been thinking of investing in a business and learn about a motel for sale in Adelaide, you might think this is your perfect opportunity. It could be your chance to become your own boss and build your legacy. All you need to do is put in an offer, sign the contract, and start making money, right?

Any business venture is more complicated than it sounds, and the act of purchasing a business involves several key steps, including research and business profiling. There are many important things to consider. The majority of new hospitality businesses – including motels, hotels and resorts – fail within the first few years of operation. Since owning a business is an investment in your livelihood, it is crucial that you turn to experienced professionals who can give you the guidance that you need to make the best possible decisions.

Industry awareness

One key reason to turn to professional resort brokers when buying a motel or comparable business is that these agents understand the dynamics of the industry. They have gone through the process of negotiating purchases and sales of similar businesses, and are familiar with some of the key factors that may affect the process.

When purchasing a home, a good real estate agent will learn your priorities and evaluate potential properties on that basis. They won’t take someone looking for a private, secluded home with land to look at condominiums. With the purchase of businesses, such as motels or resorts, there are many other factors to consider. A professional resort broker or experienced real estate and bankruptcy attorney will be able to advise you of potential liability issues, such as amenities like pools. They will be able to provide access to other professionals who understand property factors that may be more significant considerations when purchasing this type of business, and they will be aware of local industry trends and how they may impact the business potential of the motel or resort you’re thinking about buying.

Due diligence

When you buy a home, you typically have it inspected and checked for hidden damage or issues that may not have been disclosed prior to making an offer and ensure there are no liens on the property. If everything checks out, or if there are repairs you are able to agree on the seller handling before transfer of property, then you become a new home owner.

The process of buying a business is far more complicated than buying a home. It is important to check not only the structures being purchased, but other business-related factors. You should have the sellers establish how much money the business has generated in revenue. Evaluating financial reports should be handled by an accountant. It’s also important to have an extensive legal review by a lawyer to make sure that you aren’t inheriting any legal issues that haven’t been disclosed. Some businesses may have existing contracts in place that would extend to new owners; it is important to have trusted, experienced professionals guide you through the business-buying process to ensure that you take all necessary steps so that you are not blindsided by legal and financial issues after you assume ownership.

Business longevity

One of the keys to long-term business success involves hiring or contracting trusted professionals who have the experience and knowledge needed to be effective. Skimping in the short term and working with those who do not have the level of expertise needed to guide you in all steps of the process can have an adverse affect on your bottom line in the long term.

Turning to professional brokers, lawyers, accountants, and inspectors to begin the purchase process can improve your chances of long-term success. These experts have spent years honing their skills and established a track record of success. Their ability to effectively guide other clients is an indication that they will be able to keep you from making rookie mistakes, and provide the insight that you need to make the best possible decisions.

Owning a business is a significant investment; business owners do not simply inject money into a purchase, but their their livelihood and future financial security depend on the business’s success. Taking the time at the start to secure reliable guidance is the first critical step on the path to long-term success.