What steps should I take if I am considering buying a business? Be very careful. (a) whenever you buy a business or are considering buying a business, first thing that I ask the people is whether they’ve had any experience in a particular business so that they know what they’re looking for and that every business is unique.
I know particularly the restaurant business or the delicatessen business, the bar business, there’s all sorts of things that unless you’ve been there you don’t have any ideas of what the problems could be as far as a business is concerned and that’s true about any business. So if you don’t have any experience and a going concern be very, very careful.
You need to hopefully work in the business for a period of time so that you can get the expertise and know any problems that are associated with it. So that is huge as far as (a) having the expertise as far as running the business once you purchase it. Also, you need to be sure you review the books and records of the business and do a due diligence as far as that’s concerned.
You need to be very concerned about key employees, making sure that they don’t leave and there goes your book of business as far – whatever business it is and they go out on their own if there are key employees.
So you need to, whenever you locate a business you need to then prepare a contract which will give you the opportunity to exercise due diligence and if you would like to come in and speak to me about what all you need to do to buy business I’ll be happy to discuss it with you and work on preparing the contract but a lot of it has to do with your area of expertise and your ability to know what to look for in any particular business. If you have any questions give me a call at (727) 847-2288.