Articles

09-17-2012

The Business Buying Checklist

How do you minimize your risk when purchasing a business?  You make an educated decision to purchase the future of a business by taking a good look at its past.  Follow this checklist to reduce your uncertainty and find the right business for you.

  • Find a business that is in line with your practical knowledge and experience.  Is this a type of business you can be passionate about?
  • Is the prospective business currently profitable?  Is there potential for growth?  How does this business stack up against the competition?
  • What is the purchase price for the business?  Are you able to buy this business on your own, or will you have to acquire some kind of financing?  What financing options do you have at your disposal?
  • Are you able to do a thorough investigation of the business? Have you looked into any and all potential issues like transfers of leases and existing contracts?
  • Have you decided on a structure for your new business?  Are you going to go into business by yourself, or bring in partners?
  • How much time are you willing and able to dedicate to running your new business?  Have you considered how this new responsibility will affect your family?

Go into any new business venture with a solid business plan, and be sure to follow that plan in order to achieve your goals.

 

 

 

Michael Monnot

941.518.7138
Mike@InfinityBusinessBrokers.com

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