Ten Important Rules To Successfully Buy A Small Business - Key Ideas For Business Buyers

Too many would-be entrepreneurs who are planning to buy a small business are unprepared for the rigors of the search process and the challenges related to locating the right business and getting a fair deal from the seller. I’ve seen a number of costly mistakes by buyers who’ve purchased the wrong kind of business or failed to buy the business they wanted because they weren’t really ready to do what it takes to achieve an agreement and complete a deal.

The time to make get ready, of course, is before actively searching the market. Among the most important things a buyer should do vastly improve the chances of becoming a “buyer” rather than a "tryer" are:

1) Be certain you want to buy a business for the right reasons. One buyer who discovered, too late, that he was not really prepared to be the owner of a small business was motivated to purchase a convenience market to compete with his very successful businesswoman sister. Once he discovered the degree of responsibility and commitment required to make a business work, the buyer realized he had made an error. He couldn’t wait to sell—even at a loss—and find a job so he could be an employee rather than an owner. Along with the pride that might come from telling people you own your business, are the extreme demands placed on a business owner.

Read more at:
Ten Important Rules To Successfully Buy A Small Business - Key Ideas For Business Buyers:

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.