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Business Buying Guide

Buying a business is less risky than starting one from scratch. Building up a business from the ground is a huge task that involves all processes like marketing, building customer base etc., which needs to start from the beginning. Buying a business is a faster way since the operations, customer base are all established and the cash flow is on.

It is not necessary that buying a business is a sure shot way to be successful. Proper research and expert guidance is required before you buy a business.

Choosing an industry that you are well experienced with is an important factor and could be the beginning of your search.

Choose the size of the business that you would like to take over. Number of employees, number of storefronts/branches, sales, etc.,

Make a note of all the documents, rights and legal paperwork that you need to check like the company’s financial statements, tax details, payroll systems, etc…

Assess the strength of the business you are looking to acquire. Communicating with existing customers and vendors will give you an overall picture of the business.

It is advisable to seek guidance from fellow entrepreneurs, your banker and attorney before you buy a business.

Once you are sure about the business and zeroed in on the one to buy, assess the value. In a guide to buying a Business, Entrepreneur says “Whatever method you use to determine the fair market price of the business, your assessment of the business's value should take into account such issues as the business's financial health, its earnings history and its growth potential, as well as its intangible assets “

If you have chosen to buy a business wisely, with a bit of hard work and patience you can be successful in running the business and making sizeable profits.

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