If you are considering buying a business, you’ll want to be certain to lay the proper foundation for your future success.
- Do your preliminary research- Use all available resources to discover information about the industry, the existing physical location, the surrounding geographic area, and the future projections for all of the above.
- Get hard facts about the business- Find out about the local and online reputation of the business and its current owners. When things get serious, examine financials, physical assets and learn about the day-to-day operations.
- Get it in writing, the sooner the better- An earnest money contract or other contract that covers the negotiation phase can reduce risks and unpleasant surprises for both parties.
- Meet the right people- Find out who the current key employees, landlord, banker, and service providers are to see if you’d want to continue with them if the sale is completed.
- Choose and visit a business lawyer to help you- There are a multitude of issues that need to be dealt with in order to avoid future misunderstandings, loss of income or antagonistic litigation. Set yourself up for success from day one!