This year continues to be a good time to buy a business.
Having success in buying a business is less about timing than doing it right. But some times are better than others, and 2019 is a great time for buying.
Having success in buying a business is less about timing than doing it right. But some times are better than others, and 2019 is a great time for buying.
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.
It's a good idea to list the pros and cons of buying a business versus starting a business. It will help you evaluate your tolerance for risk
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.
When you buy an existing business with a proven track record you are buying an existing cash flow with proven services to a known market. If you run it at least as well as the seller, it pays for itself.
A message to first-time business buyers: owning a business has risk. You can minimize it, but never eliminate it. If you can't handle risk, don't do it.
Numbers don't lie. Just make sure you are looking at the right numbers. One sign of a well-run business is the condition of its financial documents.
The history of a business is a good, but not the only, predictor of future performance. It's important to look at how an industry as a whole will do in the future.
Franchises vary widely in the level of training and support they provide. If you're thinking of buying a franchise, talk to other franchisees about their experience with training and support.
No business is without risk. Do an effective investigation, or due diligence, but at a certain point, you need to listen to your instincts. If you do not want risk, don't buy a business.
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