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6 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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