Buy A Business General - Page 11

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.
 

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.

Most businesses are purchased in an asset sale. Don't rely on general descriptions of the assets but insist on specifically knowing what you are buying.

Although every industry will have unique differences, the questions you ask and diligence you perform should remain the same when buying any type of business.

When buying a business, make sure you are clear on the attributes that make businesses worth more or less money.

Take time to learn what you need to know to protect yourself when buying a business.

Buying a business is a process that takes time. Look deep within yourself to determine if this is right for you.

The process of buying a business can seem overwhelming. Prioritize the most important issues first and the rest will come together.