Buying an existing small business? Here are 5 things that you should expect - The Times of India

Buying a business is not like buying a piece of real estate or a piece of critical equipment. Finding a good business for sale can be a real challenge, as can thoroughly checking it out and closing the deal. The process can take months, and can virtually monopolize a buyer's time. Below is the framework that most business purchases follow.

1. Determining criteria for buying a business and whether it's realistic

The first step in fulfilling the dream of purchasing a business is translating an entrepreneur's desires into concrete criteria to find the perfect target. What particular type of business will do? What kind of income should the business be making? What locations are acceptable? The prospective buyer also needs to determine what he or she can afford, depending on whether the business will be financed by the owner, out of the entrepreneur's own assets, or by an outside lender. At this stage the buyer should also think hard about what risks he or she is in a position to take, and whether he or she can afford to expend the time and energy it will take to purchase the business and run it.

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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.