Selling a Business

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Buying a Business

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Valuing a Business

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Archive for Buying

Jul
26

Questions When Buying a Business

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>> Questions To Ask When Buying A Business

Buying a business is always a very important milestone in the life of any entrepreneur. To be successful when buying the business you need to ask yourself a number of questions. Some of these questions include:

Why Is The Seller Selling The Business?

There are many reasons that can provoke the seller to sell his/her business. These reasons include: relocating, changing business or the seller getting bored with the business. Before you buy a business always do some background checks and try to identify the reasons why the seller is selling it. One of the most effective ways of finding out is asking the seller why he/she is selling the business.

How Relevant Is The Business?

Why should you buy an irrelevant business? Before you part with your money you need to do your research and find out how relevant your business will be in your area. This calls for you to find out the state of the industry that the business is operating. Here you need to find out whether the industry is growing, mature or in a decline.

You should also find out the nature of the target market. Here you need to find out if the market is growing or shrinking.

Competitors are of great importance in business. If there are large competitors in your industry, they will most likely crush you.

What Is The State Of The Employees?

You need to find out the kind of staff that the business has. Here you need to find out whether the employees have the necessary skills to take your business to the next level. You should pay close attention to the most important employees such as managers and supervisors. You should review their employment contracts and ensure that they are in line with the vision that you have for the company.

Is The Asking Price Given By The Seller Worth It?

Sellers usually base their asking prices on the values given by their valuation companies. You should always ask the seller how he/she arrived at the asking price. Before you part with any money it’s wise that you hire a company to help you in valuing the business that you want to buy. As rule of thumb you should never buy a business at a price that is higher than its value.

Conclusion

These are some of the questions that you should ask yourself when buying a business. As mentioned you should be cautious and ensure that you don’t buy a business at a price that is above its value.

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Jun
11

Tips For Buying A Business That Fits Your Situation

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Tips For Buying A Business That Fits Your Situation

It’s very risky to start a business. Research studies have shown that up to 99% of start-ups fail within two years of start. The good thing is that you can lower the risk by buying an already established business.

In addition to lowering the risk of starting a business, buying an established business ensures that you start earning immediately you make the purchase-you don’t have to wait as its common with new businesses. You also tend to have a shorter learning curve as by the time you are buying the business you will have employees who are ready to work for you.

How to Buy A Business That Fits You

Although, buying an established business is better than starting a new business from scratch, you shouldn’t buy just any business-you should buy a business that is ideal for you. Here you need to assess your skills, interests and financial resources. As rule of thumb you should buy a business that you are knowledgeable about. For example, if you have been in the medical field you should go for a business that is related to the medical field.

You should also go for a business that you enjoy. Remember that for your business to be a success you need to put in a lot of hours and it will be almost impossible for you to work for long hours in an industry that you don’t enjoy.

How to Buy A Business

You can’t wake up one day and decide to buy a business-you need to first do your research over a period of time. You should start by defining the business that you are interested in. To make the decision you need to assess your professional skills, business experience and core competencies. You should also assess your financial abilities.

If you have done your research and found an ideal business, you should make an offer. The offer of the purchase should include the price to be paid to buy the business, training to be provided to you, assets in the business, financing details to be provided by the seller and the area to be covered by the non-compete agreement.

After you have reached an agreement with the seller you should put the agreement into writing. As rule of thumb you should ensure that a business attorney is with you in order to make the agreement legal.

Conclusion

These are the tips on how to buy a business that fits your situation. Remember that buying a business is expensive; therefore, you should ensure that you do thorough research and buy the right business.

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