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There are important considerations that
entrepreneurial buyers must take into account prior to purchasing a
business. Our goal for you, the Buyer, is for you to
succeed. It doesn't make sense to sell a business to someone
who in our mind is not a fit for the business.
We
have outlined a few things to consider if you are a first time Buyer
considering purchasing a
business:
- Take a good look
at your financial position, including personal and/or business
assets, liabilities, credit history, family income requirements
and monthly expenses.
- Examine your
personal and family risk/reward quotient. If you are risk
averse, then owning your own company may not be right for
you.
- What skills,
experience or professional certifications can you bring to the
business? A business owner must wear a lot of hats - or
be willing and able to hire people to do the things you do not
want.
- Are you willing to
invest the time and money necessary to make the venture
successful? It takes more time and money to run a business
successfully than you probably ever imagined.
- Are you
sufficiently committed to the concept of putting your hard earned
assets, including personal guarantees, on the line? If not,
then again, owning your own business may not be right for
you.
- Be sure that you
are paying a fair price for the business and more important, be
sure you can cash flow the business after debt service and capital
infusion.
- If your purchase
requires financing, begin to establish a good working relationship
with a local banker. If your purchase is in the Kansas City
area, we can connect you with bankers who will help you with your
financing options.
Venturing into
your own business requires a great deal of research to determine if
the business will perform as you need it to perform. Once you
have purchased the business, it is hard work that can prove to be
very rewarding. No matter what type of business you're looking
to buy, let Dovetail Business Advisors, Inc. help you sort
through the possibilities and avoid the pitfalls.
Joining
together...for your successful
transition! |
