How to Buy a Business â€“ Do you really want to Buy a Business?
Buying a business is undoubtedly one of the most daunting investment prospects you can possibly undertake â€“ probably even riskier than getting married!
The safest and most cost-effective way to approach the actual purchase of a business is to look at it as a long process of elimination, involving a number of steps, like concentric rings, each reaching deeper towards the core. Each step should be taken only after successful completion of the previous step.
The important thing is to allow sufficient time to complete each stage of the investigative process comprehensively.
1. Do you really want to Buy a Business?
In order to have a reasonable chance of success, and before you even begin looking, you need to know the answers to a number of important questions:
- Why do I want to buy a business?
- What do I expect from the business?
- What can I contribute to the business?
- How much Capital can I raise?
- What are my (truthfully, now!) business strengths, weaknesses and experience?
- Where do I want the business ideally to be located?
- And, as a result of the above answers, what kind of business am I best suited to run?
Click here to read How to Buy a Business â€“ Where to Look to Find a Business For Sale.
Click here to search our Businesses For Sale.
Click here to return to our Buyer's Guide.
Article written by Rudy Weber. Published with permission from Rudy Weber, Lloyds Business Brokers.