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8 Tips to Prepare to Buy a Business
There is a myth that buyers don’t need to prepare to buy a business. This is completely wrong. From researching and budgeting to screening and more, there are many critical steps to take to ensure a successful transaction. Below, VR Business Brokers of Charlotte outlines eight of the most crucial steps to take when preparing to buy a business.
How to Prepare to Buy a Business
If you’re preparing to buy a business, consider all of the following before making any decisions.
- If your spouse/partner is not on board, stop wasting your time and stay in your current job. Trust me; it isn’t going to happen without that vital support.
- Plan for an appropriate amount of time, energy, and effort to find the right business. This is a process that typically takes six months to two years. Plan accordingly.
- Determine your budget and risk tolerance. Work with third parties to get pre-screened for a loan BEFORE you need it if you want to be taken seriously by the seller and broker.
- Have your advisors ready. Meet with a transaction attorney and accountant before you make an offer. Discuss with your financial advisor the merits of pursuing business ownership and its impact on your financial planning and goals.
- Don’t resign your day job just yet. Read #2 again.
- Ask others about their experience in buying a business, what worked and what didn’t in their search.
- Stop looking for an absentee run business that will generate six figures. They rarely, if ever, exist. Look for a business that you are prepared to be engaged in full-time, and that will fit your skills and risk tolerance. For some, that means buying an existing business, for others that may mean purchasing a new franchise. Explore all your options; there are many.
- Perfect businesses don’t exist. Be prepared to accept a business that is good that you can make great.
Are you ready to begin preparing to purchase a business? Contact the professional advisors at VR Business Brokers of Charlotte. Our team has years of experience helping buyers find their ideal business opportunities. From identifying opportunities to negotiating a deal and more, we are here to guide you through every step of the sales process.
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