Growing your business through strategic acquisition
If you currently own a business and decide to grow by acquisition, be mindful of the cultural changes that could occur within your existing business as a result.
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If you currently own a business and decide to grow by acquisition, be mindful of the cultural changes that could occur within your existing business as a result.
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Most business owners find money and financing a mysterious, if not scary, topic. Banks have similar rules they all play by and it is wise to spend some time learning the rules of the financing game.
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For almost every rule there is an exception. In law, there are almost no absolutes. Getting competent legal assistance when buying a business is a must.
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Getting an agreeable deal with a seller - like a signed offer and acceptance - is only half the battle. Getting to the closing table is the next big hurdle. The better the plan, the
more likely it is to happen.
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While buying the business you work for has its own special challenges, many of the issues are the same whether you worked for the previous owner or not.
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Buying real estate along with a business has its own set of hidden operating costs. You need to factor in those costs as a separate center of liability.
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There are many ways to finance a business purchase but all of them will consider your character and credit history. The better the history the more the options.
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While it is more important to know how to run a business than to know the technical side of what the business does, it is important to at least have a basic understanding of it.
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When buying a business the essential questions are the same for all. But each industry can have its own quirks that you should explore.
Financing can be one of the most challenging aspects of buying a business. There are more options than most people realize and a little education goes a long way.
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