Buying a business is a big step in ones' life and it is important to be prepared for it. A prospective buyer should always perform due diligence when contemplating the purchase of a new business. Keystone Business Ventures, Inc. is there to assist anyone in purchasing a business whether it is their first or tenth business.
Provided is a checklist any buyer should follow when contemplating the purchase of a specific business.
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Checklist for buying a business
In Russel L. Brown's Buying or Selling a Business he provides a personal checklist for someone who is looking to buy a business.
- Do you know what kind of business you want to buy?
- Are you "technically" qualified and experienced enough to run the business?
- Do you have the temperament to deal with fickle customers, demanding creditors, and difficult employees?
- Do you have attention to detail that most businesses demand?
- Can you deal with the bookkeeping requirements of the business?
- Are you prepared to "eat, sleep, and drink" the business 24-hours a day, 7 days a week (because that's what it frequently takes)?
- Can you deal with adversity without losing your cool?
- Can you deal with uncertainty without losing sleep?
- Are you a good "people person" who can successfully deal with both customers and employees?
- Can you accept the potential significant financial loss that investing the business exposes you to?