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.

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?