Buying a Business Newsletter - Page 10

How and when to inform employees of a change in ownership is a question of careful strategy and planning. It's a key issue to be worked out between seller and buyer.

There never really is a bad time to buy a business, but some times are better than others. This year is one of them. Business quality is good, lending is favorable, and there are some very good choices out there.

The process of buying a business can take time. Being organized and having your Deal Team in place will speed things up.

Buying even the simplest small business can be full of complications. There is no substitute for having a qualified team consisting of a broker (or intermediary), a lawyer and an accountant familiar with transaction work.

When buying a business, heed the advice of Michael Gerber, Author of The E-myth Revisited, and be prepared to work ON your business, not just IN it.

The first question a business buyer should ask themselves: will this business get me up in the morning excited to go to work?

Sometimes the greatest opportunities exist in the middle of turmoil. If you are thinking about buying a business, times of uncertainty can often be the best time to buy.

Most businesses are purchased in an asset sale. Don't rely on general descriptions of the assets, but insist on specifically knowing what you are buying.

Buying a business can be like starting a business with a big head start. You will put your own personality into it, but don't do it before you let the business teach you what it knows.

Buying a business is a serious project that requires educating yourself before engaging in the process. There are plenty of resources for that in this digital age.