There are many reasons to buy a business, including financial independence, job security, control of destiny, investments, tax advantages, freedom, and lack of suitable job opportunities. As a prospective buyer, you probably have a vision of being your own boss and calling your own shots. It is impo

Employees are necessary for most businesses, and a good relationship with them is important for a successful business. Their attitudes and behaviors have a direct impact on the business, and good employees make business owners look good. Good communication, including listening skills, is important w

When buying a business, everything should be kept confidential until the buyer and seller have closed the sale. Many things could go wrong if information got out about the possible sale. Most businesses sold are profitable and doing well, so assumptions should not be made that the business is faili

There comes a time in every business for a change of ownership. There are many possible reasons. Perhaps it is because of retirement, bad health, stress, burnout, disputes, trading up, relocation, or financial hardship. Business owners become attached to their businesses and love them like children

Having a plan to follow helps eliminate the need to make hasty decisions, and not writing a good business plan to follow is a regret business owners often have and wish they had taken the time and effort to do before taking over the ownership of a business. It is easy to get caught up in the excite

Good management is the key to a successful business, and there are tools to help business owners become good managers. A well-written business plan, goals, pro forma financials, and a good policies and procedures manual help you be a successful business manager. They eliminate many mistakes and all

Confirming all the information you receive from the seller is accurate and that the financial records match the tax returns of the business you are purchasing is Due Diligence. A certain level of trust must be present for a seller and buyer to have a smooth sale and transition, but you must not just

When you buy a business, you are actually buying the cash flow. Any needed assets come with the cash flow. Whether you need lots of assets or few assets, the cash flow is used to determine the value of the business. It also funds the debt service, all operating expenses, and your living wage. If the


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