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01 Apr 2019

Acquisitions 101: Do Your Due Diligence Part I


Anna Taylor

Live Oak Bank

Congratulations! You’ve done your homework and have decided that self storage is a business for you. Great!

So, what’s next? How do you find a facility or piece of property that is right for you? Let’s start from the top.

Getting started

A common starting point is to go online and search for a term or phrase like “self storage facilities for sale.” This is a good start, however, everyone else is likely taking this same approach. You need to take the time and do your diligence. How are you going to find a facility that is perfect for you? Where should you begin? How can you take a different approach?

Think outside the box

If you find a facility locally that you’re interested in acquiring, stopping in or calling the business is always an option. You may or may not have initial contact with the owner when you call or visit. If you have an opportunity to speak with the manager of the facility, however, this could also be a great starting point. Reach out and see who is available to speak about acquisition opportunities that might be available.

You’ve got mail

Direct mail is another viable option for reaching a potential seller and can help you find a facility for your self storage business.

Commercial real estate brokers

Another route to self storage acquisition is to let the commercial real estate brokers in the region know you are interested in getting into the business of self storage.

Association membership

Join state associations in the areas where you are interested in acquiring. Associations can get you exposure to existing owners and will give you a chance to network with key members of the self storage industry.

Are you ready to get started?

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