Buy a Business
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Security A big advantage in buying an ongoing business is that you, as the new owner, have an immediate cash flow and an established customer base. You don't have to build a business; you simply take over an existing successful business with the present owner's assistance. Buying an existing business Have you considered being your own boss, creating your own financial independence and making your own dreams a reality? You're not alone, owning your own business is the "American Dream." But the reality is that buying a business is a serious financial and personal commitment that requires an understanding of what makes a business successful. All too often, the new owners jump blindly into a business venture, overwhelmed by the tremendous workload of starting a business from the ground up. A government survey shows that 60% of new businesses fail within the first three years. An existing, established business that is purchased by a new owner shows a minimal fail rate. Buy a Business You Like Many business buyers think the most important quality in a business is profitability. Certainly, you want a business that will have sufficient earnings to provide for you and your family. BUT, you will risk making a terrible mistake if you do not BUY A BUSINESS YOU LIKE. When you think about buying a business think about what you like and don't like. If you fix on a particular type of business, visualize yourself running the business. Visualize taking your friends and relatives to see your business. Do you like what you see? Will you be proud to own the business? If not, or if you are not sure, don't buy that type of business. Be Flexible You will have to be flexible in finding a business. If you lock into only one type of business, it will take you much longer to find a business to buy. We like to start a buyer thinking about what they like and don't like using the following broad range of categories of businesses. First decide if there are any categories that you absolutely do not want to be in. Then focus on the remaining categories and review the characteristics of these categories as presented below:
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