Buying a Business Newsletter

For first timers, spend your first few months being a learner or observer, don't change much.

The opportunities for entrepreneurial expression are endless and today are being fueled by the "silver tsunami."

Every business has both risk and reward. Buying a business to replace your job is simply buying another job with a possible crazy person for a boss. Be careful of your motives for owning and operating your own business.

If you've never owned a business consider getting some professional help with how to buy and then run it.

Financing can be one of the most challenging aspects of buying a business. Educating yourself on all the options will be well worth your time.

The best time to buy a business is when you can be passionate about the idea. If you're lukewarm - or undecided - keep your job.

When buying a business, there is always inherent risk, which can be mitigated with thorough due diligence.

When buying a business, having a sense of what kind of business you are looking for and what you want to get from the business will help you narrow your search efforts.

There are always excuses to not do something, but when you check the facts, you might find the opposite of what you thought is actually true. For instance, now might just be a great time for you to buy a business.

When buying a business, it will be rare to find one that is the only game in town. Get to know the competitors and determine if there is already a distinct competitive advantage, or if you can establish one when you own the business.