Buying a Business Newsletter - 2024 Archive - Page 4

A good place to start when buying a business is to reflect on your own motivations, lifestyle needs, and what drives your energy. A business that ticks all the boxes for you will be much less of a challenge.

In our experience the success rate of buying and continuing an existing business is many times that of a startup.

Evaluating a business opportunity starts with a powerful tool: a mirror. Are you right for this and is it right for you?

There are many ways to buy a business: look at all your options and get creative if needed.

There are many points of view on whether to start or buy a business and each has pros and cons. Evaluate your own appetite for risk.

It's been estimated that as many as 20% of all businesses are for sale at a given time. Many have simply not made it known.

Buyers should ask the "barrier to entry" question… is it cheaper and more efficient to start your own business or does a particular opportunity offer you a sufficient leg-up to warrant purchasing a business instead?

Buying a business requires understanding your specific criteria as a buyer. Write down why you want to own a business and what you are looking for in that business.

Don't just buy a business because you think you love it. Love is blind, open your eyes and ask practical questions.

Experience can be your worst teacher, unless it's somebody else's. Try buying a business that has already had some experience.