Think It Through

LinkedIn Top Entrepreneurship Voice Newsletter Dear Deb #58

Buying a small business is a big deal.

Here's how you can get ready:

Know Why You Want to Buy:

↳ Think about why you want to own a business. Make sure it's the right fit for your life and your money.

Check Out the Business:

↳ Look closely at the business you want to buy. Is it making money? Will it keep making money?

Understand the Money:

↳ Know what the business earns and spends. Don’t forget hidden costs like repairs or old equipment.

Learn the Legal Stuff:

↳ Get to know the legal side of the business. Are there any ongoing lawsuits or significant legal risks?

Meet the Sellers:

↳ Talk to the current owners. Understand why they are selling and how they ran the business.

Ask for Documents:

↳ Get all the business records. This includes tax returns, sales records, and employee details.

Plan Your Role:

↳ Decide how you will run the business. Will you manage day-to-day, or will you retain or need to hire managers?

Know the Employees:

↳ Find out about the team. Are they happy? Are they skilled? Easy to replace?

Check the Business Location:

↳ Is the location good? Will customers keep coming here? Near future road construction threats? Landlord wants to sell the building?

Understand the Market:

↳ Look at the competition. Is the market growing or shrinking? Any significant competitor threats?

Get Expert Help:

↳ Hire professionals trustworthy to the buy side. Accept no recommendations from the sell-side team. You’ll need a business buyer mentor, a business acquisition loan consultant, and a business attorney.

Plan Your Offer:

↳ Decide how much you want to pay. Think about financing options, like SBA loans. Where is the funding being sourced? Are you eligible?

Key Points:

➤ Be careful:

Know what you're getting into.

➤ Get buy-side help:

Use experts like buy-side mentors, business acquisition SBA loan consultant, and attorneys. Accept no sell-side recommendations.

➤ Plan ahead:

Know how you'll run the business and pay for it.

You can choose wisely when buying a business by focusing on these points.

Keep it simple, think it through, and don’t rush.

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As the author of this informative guide, Deb Curtis utilizes her extensive expertise and deep passion for assisting aspiring business buyers.

Deb offers mentorship and excels in sourcing the best bank loan structures backed by the SBA, ensuring that each transaction is strategically advantageous.

This dedication educates buyers and protects them, empowering them to confidently navigate the complexities of the acquisition process and secure their investments.

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Join Richard Parker's free online webinar, The Business Buyer Networking and Learning Series, on May 1st, 1 pm EST.

How To Buy The Right Business Within 6 Months with unlimited personal consulting.

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