Entrepreneurship is a risky business. One way to
reduce your risk is to buy an existing business that's already
demonstrated an ability to successfully operate (hopefully at a
profit). That confidence does come at a price, though, as you'll
generally spend far more to buy a business than to start one
from scratch. If you've got the funds, though, it's an excellent
option.
Buying a Business: The Safer Alternative
While there are no guarantees in business and the risks must
always be managed, buying an established business clearly offers
significant advantages worth considering if you want to own your
own business. In order to buy the right business or franchise,
you need to investigate its historical performance, operations,
current status, staff and management, competition, industry and
its future potential, all of which is so much easier to do with
an existing business.
Twelve Laws of the Business
Buying
Russell L. Brown:
I've worked with
many business sellers and many more potential business buyers
over the years and let me tell you; it's never easy getting a
deal accomplished! I strongly believe and firmly advocate that
the absolutely best way for an entrepreneur to successfully get
into business, or expand what they already have, is buy an
existing profitable company. But there are many obstacles and
pitfalls along the way that must be overcome. It really is a
jungle out there!
Finding the right business to buy
So you're thinking
of buying a profitable operating small business. Well,
congratulations! Small business ownership and its operation can
be one of the most financially rewarding and intellectually
stimulating pursuits that you can follow in life. However, the
actual process of purchasing an operating business is an
extremely challenging and complicated undertaking and you'll
want to be as fully prepared as you can be.
Getting Into Business: Don't
Start It! Buy It!!
Many of us have felt the entrepreneurial pull of running our own
business at one time or another. The allure of being your own
boss can be really strong, and no wonder. Small business
ownership and its operation has proven to be one of the most
financially rewarding and intellectually stimulating pursuits
that you can follow in your working life. And, you have the
opportunity to be a master of your own financial destiny.
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