1) Get the Right Fit: If you have never owned a business, it can be hard to understand exactly what it's like on a day-to-day basis. We can help you select a business that you will be comfortable with, and one where you can use your current skills and abilities.
2) Confidentiality: This is one of the primary concerns of people selling a business. If the word gets out that they are selling, they can lose customers, employees, and even suppliers. One of the first steps, before you are given any information about a specific business, is to sign a confidentiality agreement.
3) Lawyers and Accountants: The primary job of a lawyer or accountant is to protect their client. If they advise you to buy a particular business and for some reason, any reason, things don't go well, they could be sued. Don't expect your lawyer or accountant to ever say "Yes, you should buy that business."
4) Treat the Seller Fairly: Some buyers seem to think that because they are "the customer," the seller is at their mercy. Smart sellers will refuse to deal with arrogant, heavy-handed buyers.
5) Buyer Education: Most deals include a transition period in which the seller stays on to train the new owner in operating the business. In addition, the seller can act as a consultant even after that initial period. This is another reason why the buyer and seller need to have a mutual respect for each other. Contact us now to learn more!
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