| Buying a business for sale by owner is not a | | | | business and what competition is already in place, |
| decision that should be taken lightly, not only is it a | | | | it's no use buying a business when there are 20 |
| huge investment in terms of money it is also a | | | | other similar business doing the same thing. |
| big investment of time, skills, and knowledge. | | | | Healthy competition is good for business but if the |
| While there are thousands of businesses in the | | | | market it over saturated then there is very little |
| offering, deciding on which one to put your | | | | chance of it being successful. |
| money requires time and research to make a | | | | What legal aspects need to be dealt with, do you |
| good business decision. | | | | have sufficient knowledge to be able to complete |
| Do a through research; find the business you | | | | the transaction? |
| would be interested in, and all other information | | | | Search for the sale by owner business that you |
| you need to know before signing on the dotted | | | | are interested in, and then find out everything |
| line. | | | | you can about it. Why the owner wishes to sell. |
| Here are some questions you need to ask | | | | Ask to see the books and study them carefully. |
| yourself before you begin your search: | | | | What are the running costs, if you inherit the |
| Decide on the type of business do you would like | | | | staff, what are their salaries, incentive bonuses, |
| to invest in? | | | | do a survey among other business owners in the |
| What skills and knowledge do you have in running | | | | local and find out what sort of reputation the |
| a successful business? | | | | business has. |
| How much do you wish to invest in a business? | | | | Is the business run from leased premises or is the |
| Who will run the business and what staff | | | | building owned by the business. If owned, check if |
| requirements are needed to make the business | | | | the sale includes the building or of a lease can be |
| profitable and successful? | | | | negotiated. Be aware of what outstanding debts |
| Once you have decided what type of business | | | | and if you inherit these debts. Buying a sale by |
| you wish to invest in, you then need investigate | | | | owner business if researched thoroughly can be a |
| all aspects about the business. What is required to | | | | good investment and you will be richly rewarded. |
| run a successful business? The location of the | | | | |