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.