Buying an existing business has advantages and disadvantages. The prospect of an immediate income stream on day one can be very appealing. However, you need to do your due diligence to make sure you avoid any surprises. ASBTDC can help you as you consider your options and put together a financing proposal.
Purchasing a business is not a decision that should be rushed. Before agreeing to buy an existing business, take time to ask questions and review information to make sure it is the right fit for you and to uncover any hidden skeletons in the closet. Remember that a good investment for one person may not be a good choice for someone else.
Use the ASBTDC Buying a Business Checklist to guide you as you obtain information from the seller. Keep in mind that if you are applying for a loan, your lender will likely need to see this information, too. ASBTDC can help you as you review information and seek financing for your business purchase. Call on us!