When buying a business ask yourself what kind of culture you want to create. #buyabusinessiowa
Buying a Business Newsletter - Page 24
Today’s lending environment is optimal for buying a business. There is a pent up demand for good loans and interest rates are reasonable.
Understand the seasonality of the business you are considering buying. It will affect your needs for cash reserves. #buyabusinessiowa
When you buy a business you are buying a history. When you start a business you are buying speculation. Most of the time, buying a business will cost you less.
In preparing to buy a business, make sure you have a solid written story of your capabilities to own and operate a business; the Seller and lender have to buy you.
Other than buying a business, there is no place you can put your money to receive high rates of return, with control over the outcome.
It is a mistake to rely solely on your long-time bank to finance your new business acquisition; about half the time you will be disappointed at the response.
Buying a business will have tax implications to you as well as the Seller; seek the advice of an experienced accountant or tax counsel to determine the best deal structure.
Smart business owners use the services of a business coach; when buying a business, it will significantly increase your chances of success.
When negotiating the purchase or sale of a business, keep your emotions in check. When you imagine walking in the other guy’s shoes, you can be more objective about terms you don’t like.
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