Getting an acceptable letter of intent is a conversation changer in the sales process. It is a time to be both patient and open-minded as specific deal terms will now be discussed.
Buying a Business Newsletter - Page 8
The greatest advantage in buying an existing business is a financial track record you can take to the bank. Startups can be exciting, but they have their own set of financial risks.
The process for valuing a large business versus a small business has night and day differences. Don't make the mistake of thinking they are the same.
There are many options for financing the acquisition of an existing business. Educating yourself on all the options will be worth your time.
For a buyer the question of the amount being paid is not about the amount of money so much as it is the opportunity being acquired.
Buying a business can be like a relay race. Part of the success is in the smooth hand off of the baton.
One very good reason to buy a business instead of starting one is that it is usually easier to borrow money to buy an existing business that has positive cash flow.
Having success in buying a business is less about timing than doing it right. But some times are better than others, and 2019 is a great time for buying.
Experience can be your worst teacher, unless it's somebody else's. There are many examples of what hasn't worked in buying a business that are worth observing.
It's a good idea to list the pros and cons of buying a business versus starting a business. It will help you evaluate your tolerance for risk
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