Bagnall: What to consider when buying a business - Statesman Journal

"You have found a business for sale that you want to buy. What questions do you need to ask? What answers must you have? Let’s look at some.

First, what is your experience and background in running a small business and in this particular industry? If you have never owned a business before, it is very helpful to look for one in your particular field of expertise. Generally, a bank would never consider loaning you money for a business in which you have no experience.

Next, look at the business itself. Why is it for sale? If it is as great as the seller claims it to be, why sell? Why not hire a manager, keep it in the family or even lease it out? The reasons are rarely simple. The sale requires more research than just the seller’s explanation. There will be personal and professional reasons. You job is to understand and to make your risk decisions accordingly."

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For additional information regarding Florida business sales, acquisitions and valuations, please contact Eric J. Gall at info@buysellflbiz.com or 239.738.6227. Also, visit our Florida Business Exchange website at www.fbxbrokers.com and my personal website at www.buysellflbiz.com.