When deciding whether to buy a business or start one, think about what you will need in the way of financing. Getting a loan for an existing business is often easier than getting one to start a new business.
If you want to buy a business and you have never owned one, you need to reflect long and hard on your readiness to lead.
When growth through acquisition is your strategy, make sure there's good alignment between your current business and your target.
Buying a business can be high risk, but also high reward. Take the right steps to thoroughly examine each business to ensure you set yourself up for success.
Buyers have to 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?
The best time to buy a business is when you can be passionate about the idea. If you're lukewarm - or undecided - keep your job.
Buying a business is a serious project that requires educating yourself before engaging in the process. There are plenty of resources for that in this digital age.
When buying a business, asking the right questions is more important than the number of questions you ask. Smartly analyze; but don't over analyze or you'll never get started.
It is generally a good idea not to make any drastic changes to a business's operations for up to a year following the purchase. Learn how the business works before you make big changes.
When buying a business for the first time, you don't know what you don't know. Gathering information before you begin the process will set you up for a successful transaction.
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