10 Things You Should Do If You Plan To Buy An Existing Business

  1. Get professional advice from a business advisor, accountant and lawyer
  2. Check that you are paying a fair price. Sellers often over-value a business. If possible, try to get the seller to finance part of the selling price
  3. Find out what lease is available on the premises
  4. Try to find out the “real” reason the owner is selling the business
  5. Check out the financials. If the figures look to good to be true, they probably are
  6. Do proper research on your competitors, location etc.
  7. Don’t believe everything the seller or business broker says. Remember, they are in it to make as much money as possible
  8. Run the business with the owner at least 1 month before you take over to confirm sales, profits etc.
  9. Don’t get to emotional about a business. Think with your head not your heart
  10. Ask yourself the question. Will i still be happy in this business in 5 years?
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