Three Myths about Buying an Existing Business
There is no "easy" way to become an entrepreneur. Buying a business can be just as challenging as starting one. But the rewards can be just as sweet and may often come sooner.
There is no "easy" way to become an entrepreneur. Buying a business can be just as challenging as starting one. But the rewards can be just as sweet and may often come sooner.
Being prepared when buying a business can save you a lot of time and energy. Use all the tools at your disposal to help with your preparation.
When buying a business, it will be rare to find one that is the only game in town. Get to know the competitors and determine if there is already a distinct competitive advantage, or if you can establish one when you own the business.
The final step when buying a business is just as important as the first. Make sure you are equipped with all the info needed to transition the business successfully.
While wading through the many business opportunities you are considering, a few basic questions can determine if you move forward or cross this one off the list.
To assure a smooth transition, make sure you allow for flexibility when determining how long the seller will stay after the sale. You may need them for more - or less - time.
Taking a strategic approach to buying a business will increase the probability of your success.
Owning a business can be a very time consuming activity or the most freeing experience of your life; prepare yourself to design it to work for you not just because of you.
The kind of businesses most buyers buy look nothing like GE or Microsoft. They are privately held and need hands-on attention.
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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