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Buying a Business

When buying a business, you need to ask yourself the right questions 

Are you buying a business that makes PROFIT, or are BUYING A JOB that pays you WAGESpeace of mind? This is an important distinction when you purchase a business. Will you work full-time as an employee of the business, or will you be the CEO making strategic decisions full-time?

How will you handle cash flow? When you buy a business, you are paying the previous owner 100% or more of the net profits that you will receive for the first few years. How will you pay your personal bills while you pay the loans you took to buy the business? Clogs in cash flow can kill a business by choking the life out of it.

Who is on your team to do the “inspections” needed to make sure that the business is all that it appears to be? The prior owner and the business broker they hired to sell the business are trying to make the business look as good as possible. Who has your back, and do they know what to look for?