Buying a Business Newsletter - 2023 Archive - Page 4

It's important to have a good idea of what you want in a business, but keep an open mind along the way; opportunity can smack you in the head.

If you're thinking of buying a business, educate yourself on ownership and seek expert advice.

It is standard business practice for brokers to request Non Disclosure Agreements from buyers on behalf of their seller clients. For convenience and efficiency, the NDA may cover any businesses shown to the buyer by the broker.

The due diligence process when buying a business can seem overwhelming. Be prepared by having a plan before you begin.

Look before you leap - especially applies to buying a business. Plan your questions carefully.

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.

Having a clear understanding of the drivers of business value is the lens through which you should look at any business you hope to purchase.
 

Want to spend a bunch of money and wait several years to get it back? Start a business. Want to spend a bunch of money and see an immediate return? Buy one.

Even if you intend to be an owner/operator of the business you buy, you need to make sure you spend time working ON your business, not just IN it.

When buying a franchise, it is important to ask about the extent of training and support provided. Balance the answer with your abilities and desires.