Buying a Business
The better your business is prepared for sale, the easier it is to get a good price in a shorter time frame. These tips on what to do, what paperwork to have ready, and who to get to help you, will quickly get you up to speed.
There are a few considerations for both vendor and purchaser (as employers and future employers). Employees are often a big part of a business, so managing the transfer of employees properly is vital.
Cash is the lifeblood of every business, which makes forecasting it an essential skill. Use this quick guide to cash flow forecasting to help ensure your forecasts are as accurate and reliable as possible.
Goodwill is an intangible asset. It is not easily pinned down. That is a concern for sellers and buyers alike.
Buying a business is a complex process, and it can be confounding because of the interplay of business, legal, and people issues. It can, however, be a rewarding process if it is the right business and you have done your homework and researched the business thoroughly. Here are 6 very common pitfalls to avoid when buying a business
The movie Gravity was awesome. I hope you have seen it. If not, you are probably aware that it is a movie about Sandra Bullock’s struggle to survive a space catastrophe (although we should not forget about George Clooney). Before I get carried away with a full movie review, I will pull it back to the real topic of business leases, which, of course, also involve space (just the closer to home and more enclosed kind).
Buying a business and breaking free of the shackles of a wage or salary is a great adventure. But it is worth being cautious about jumping in and making changes too early.
There are generally two ways to become a business owner:
You could buy an existing company with an established customer base, a roster of trained employees and proven cash flow.
Or you could go down the start up route and blueprint your idea to success.
Starting from scratch may be best for the entrepreneur with a novel idea. On the other hand, those seeking to buy an independent lifestyle, to dictate their own hours and produce more immediate cash flow, have the option to buy a self-determined future.
So why buy an established business?