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10 Things You Must Know Before You Buy Any Business
| Guest post by: Rob Keating |
Article Overview: Before taking the plunge into business ownership it pays to get your thinking right, because the quality of your choices will play a large part in determining your success:
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Free Download - Who is Going to Buy Your Business? By Rob Keating |
10 Things You Must Know Before You Buy Any Business
1. That you are business ready; understand your skills, strengths and weaknesses, and have the necessary resources and support to buy a business.
2. That the business is in an industry you have or can gain experience in, have a vision for and can add value to while living and supporting the lifestyle you want?
3. That there is a sound market now and tomorrow for the product or services this business provides?
4. Who the competitors are, are they a threat, and how is this business positioned to operate in-light-of; imports, new technologies, regulations and currency fluctuations?
5. Who the key customers are, what they represent, how they feel about this business, and if they are friends or related to the current owner.
6. What are the relationships, terms, and contractual arrangements with suppliers and can these be readily transferred?
7. Why the business is for sale, how profitable it is and has been over the last three years, what are the trends? Your accountant will help recast the accounts to confirm this.
8. That any leases, contracts, employment matters and or intellectual property is legally sound – use your lawyer to assist here.
9. That the price is fair and reasonable; that all plant and equipment required is in good order and listed, that the stock has been accounted for and valued appropriately, and that any goodwill is appropriate to the strength and earnings of the business.
10. What legal structure you will use to operate the business, how you will fund and service the borrowing of the business and how you will contribute to its success.
Owning a business can be very rewarding, apart from the potential to amass wealth, you get to decide when and how long you work, who you work with, and the manner in which you produce the product or service. However make sure its something that you really want to do, something you are passionate about, have a vision for and have the necessary skills to add value to. In buying any business, always do your homework and consult with professionals. For more information and business opportunities visit nzbizbuysell.co.nz.
Information provided by www.nzbizbuysell.co.nz.
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The Little Things
Article Tags:
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About the Author: Rob Keating RSS for Rob's articles - Visit Rob's website Click here to visit Rob's website   Buying a Business How Much to Budget when Buying a Business Finding the Right Business for You What is Your Exit Strategy Im Selling my Business But What do Buyers Want |
Related Forum Posts
My entry
- 1. The Best Business Books Ever: The 100 Most Influential Business Books You'll Never Have Time to Read
- this is a fascinating book about the history of Business theory, and I'd recommend it to anybody.
2. The Big Book of Small Business: You Don't Have to Run Your Business by the Seat of Your Pants, by Tom Gegax. Ditto.
3. PADI: The Business of Diving Book
Okay, so this book won't be of use to anyone who doesn't want to start a scuba store, but I did, and this book was of course invaluable to me in reaching that goal.
Exclusive: Interview with Results
- Hi Forum Members,
I'm helping start up a Business Coaching and Consulting company here in Toronto, Ontario, Canada (a Subsidiary of RSC Business in Los Angeles).
As a Research and Development Intern I am required to practice my listening and interview skills by surveying Small and Medium Businesses on thier Business.
This Survey is designed by RSC Business to also assist the Business being interviewed more insight into their own business.
I am looking to interview about 30 businesses across North America over the span of 3 months.
At the end of these interviews I will be publishing a report of the results and they will be made available for free to the Interviewees. The Report data will include responses from a minimum of 100 interviews.
I would like to extend this opportunity to members of the Forum.
If you would like to have this short 20-30 minute interview conducted on your Business and you reside in North America please send me an email or PM.
Please contact me at andy[at]jvprosperity[dot]com to arrange our interview and to get free access to the results when they are published.
Re: Seth Godin: Star Fish v Long Tail
- Thanks for sharing, David. I always enjoy the interest it brings me when I read these types of things. Things that make you think to consider other possibilities, no matter how obvious they may seem.
Cheers,
Emma
Re: HOw to market a B2B consulting company
- [quote="zohahunt77":428owzbi]Hi, I was wondering if anyone can tell me the difference between B2B and B2C. I don’t know about b2b marketing but I have done marketing so know things about it. I will suggest you to take online services which will spread your business all over web network. Online marketing is the best way to market any business.[/quote:428owzbi]
B2B = Business to Business - You are marketing to other businesses.
B2C = Business to Consumer - You are marketing to consumers.
Re: What is your biggest challenge? Today?
- The Big challenge i face many days, is the challenge to stay on schedule.
Things always pop up, like family plans and social gatherings.
I always end up procrastinating.
I've heard it's a very common situation, so does anyone have a resolution to that?
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