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Preparing to Buy a Business: Part 1 of 2

January 6, 2016

Business ownership is a multi-part path of challenges and seeking the right support at appropriate times. But what about the complexity of the business buying process? Knowing if your clients are prepared to take on the task of running a business is one part of the equation, but there are many nuances of the business acquisition process that, if adequately prepared for, may help your clients set realistic expectations for what’s ahead.

These steps will detail questions to ask, and client characteristics to be aware of, as you help facilitate the preparation to buy a business.

Why Buy an Existing Business?

Buying an established business is a paved path to entrepreneurship, which provides a track record and a set of operations to follow or improve. With so many for sale in the market at any given time, finding one that meets the buyer’s professional goals should be within reach.

Namely, buying a business versus starting one will allow for further refinement and evolution of the operation. Here is a quick recap to show the benefits and characteristics that accompany the purchase of an existing business.  (more…)