There are many rewards to being a business owner. Make sure to seek advice from professionals about the risks associated with business ownership.
For first timers, spend your first few months being a learner or observer, don't change much.
When buying a business, having a plan is essential. But flexibility is even more essential.
The seller's finish line is the buyer's starting line. Once you buy a business, the real strategy and work begin. It's important to have a plan.
How and when to inform employees of a change in ownership is a question of careful strategy and planning. It's a key issue to be worked out between seller and buyer.
It is generally a good idea not to make any drastic changes to a business' operations for up to a year following the purchase. Learn how the business works before you make big changes.
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.
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