What You Need to Know Before Buying a Business

Buying an existing business offers the opportunity to become an entrepreneur quickly.  With a staff in place, an established customer base, and existing relationships , you are a step ahead.

Before buying a business, you need answers to critical questions.

  • Why is the current owner selling? This is crucial.
  • Is it a profitable business?
  • Is the business trending up or down?
  • Will the business continue at the current levels with opportunities for growth?
  • Are there any outside impactors that could help or hurt the business?
  • Does the business have a good reputation?
  • What has made the business popular?
  • Are you getting everything you need to take over the business- customer lists, trademarks, patents, etc.?
  • Will key employees stay?
  • Who are the competitors in the area?

Answers to these questions are key to making the final decision to purchase an existing business.

Connie Mendrys


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