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How to Buy a Business

Contrary to what many know, there are actually two main ways to become a business owner: a Start-Up or buy an existing business from a retreating entrepreneur. Both require long and heavy hours of work. But taking over an existing company means you do not have to start from scratch and have many distinct advantages over a Start-Up.

While buying a decades-old widget factory or neighborhood bar may not be as sexy as building the next software empire, existing businesses can be real moneymakers, giving new owners a chance to move in on a proven concept and an already established client base as they make it their own.

If you’re contemplating a move to business ownership and are thinking about buying an existing business, here are a few things you need to know.

Read our tips by accessing the following link or read about the success steps you need to take to buy a business in the articles below.

8. Transition Time

Most sellers will help you during the transition time, when they will train you how to operate the business. This period may range from a few weeks to a few months. After the training period, many sellers will agree to be available for phone consultation for another...

7. Due Diligence – How to Uncover Any Problems BEFORE You Buy

Due diligence is probably the most critical stage in the buying process. Many prospective buyers incorrectly identify this period as strictly a financial review, but it goes far beyond that. Due diligence encompasses a far-greater project  ̶  the complete...

6. Financing Options

As you move forward with the sale of your business, it’s important to understand how sales of your business are financed and how. Each type of financing has a different approach for funding and paying off small business purchases, and each has its financial benefit...

5. How to Value A Business for Sale

Accurately valuing a small business is often the most challenging part of the process for prospective business buyers. However, it doesn't have to be an overwhelming or difficult undertaking. Above all, you should realize that valuation is an art, not a science. As a...

4. Common Mistakes that Must Be Avoided

Some of the most common mistakes are: Acquisition of the business at the seller's price- The buyer does not consider recovering the investment and starts negotiations on the purchase price without taking into account a normal recovery period. Lack of cash- Some buyers...

3. Business Brokers – How They Can Help You

One of the most frequent questions asked by prospective business buyers is whether or not they should hire a business broker. The response is always: "yes… but." The "but" is that you should "use" one, not "hire" one. A business broker can have a very specific and...

2. How to Buy the Right Business for You

How to Buy the Right Business for You The only way to make sure you’ll be successful with your new business is to be absolutely sure you've bought the right one. This is possible if you acquire the knowledge you need for this process. Don’t worry, the vast majority of...

1. The Perspective of Buying a Business

Usually, when someone is thinking about starting a business, they are thinking to start from scratch - developing their own ideas and building the company from zero. But starting from zero has some distinct disadvantages, including the difficulty of building a...

8 steps to buy a business

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