Monday, October 6, 2014

Buying a Business?

If you are considering buying a business, you'll want to be certain to lay the proper foundation for your future success.

  1. Do your preliminary research- Use all available resources to discover information about the industry, the existing physical  location, the surrounding geographic area, and the future projections for all of the above.
  2. Get hard facts about the business- Find out about the local and online reputation of the business and its current owners. When things get serious, examine financials, physical assets and learn about the day-to-day operations.
  3. Get it in writing, the sooner the better- An earnest money contract or other contract that covers the negotiation phase can reduce risks and unpleasant surprises for both parties.
  4. Meet the right people- Find out who the current key employees, landlord, banker, and service providers are to see if you'd want to continue with them if the sale is completed.
  5. Choose and visit a business lawyer to help you- There are a multitude of issues that need to be dealt with in order to avoid future misunderstandings, loss of income or antagonistic litigation. Set yourself up for success from day one!

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