BizMaster6 Factors of Purchasing an Existing Business
Updated: Jul 22, 2022
If you've already decided that purchasing a business is the right choice for you, you may still have questions. Here are some suggestions to help you start on your path to profits and success.
Consult a business broker. Business brokers, like real estate agents, have expert knowledge of the buying and selling process. They also have real-world experience and can offer good advice. But beware! They typically get paid commission, so you need to find one you can trust.
Talk to the customers. This will give you a feel for the business itself.
Talk to the owner. The more you chat with the current owner, the more information you will get about the business and why they are choosing to sell.
Talk to employees. This will help introduce you to the history of the company, the attitudes of employees, and eventually with people who may soon be working for you.
Negotiate the best deal possible. Ask the current owner to throw in equipment, office supplies, even company vehicles. If they are eager to sell, you may end up with a great many extras you might otherwise have had to purchase separately.
Make it legal. For your own protection, don't try to complete the sale without the help of your tax advisor and a legal advisor with experience in small-business transactions.
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