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4 Tips Before Buying a Small Business as a Beginner

4 Tips Before Buying a Small Business as a Beginner
  • Opening Intro -

    Buying an existing business can be an excellent opportunity for a beginner, especially when everything is set up.

    However, some businesses that are for sale, including businesses selling used cars, are not ideal.

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Unfortunately, there are a ton of these businesses, but some of them are not being sold for a reason. That’s why you need to investigate before thinking of buying a bargain business – if it’s good or a lemon.

Here are some tips before buying a small business as a new beginner:

1. Investigate before purchasing

Before you like that business and grab it, make sure that you make much effort to find out why the existing business is for sale.

Be sure that you’ll discover the real reason why the small business is being sold. You can find out by talking to other people who know about the business that you’d like to purchase.

If the business that you’d like to buy is in the mall or in a crowded area, then talk to other business employees or directly to the owners.

Also, don’t forget to talk about the rules of the mall such as anchor tenant, lease rates, and the mall management, etc.

2. Find out what you can get for the asking price

Ask yourself these questions first before grabbing the business. Find out what other kinds of assets you can get for that price.
Some people sell their business as a clear and proper asset. However, other businesses have unclear details. If this happens, don’t grab it because you don’t want to catch other people’s problems.

3. Look over the past

Be sure that you study the history of the business’s financial performance. Talk about business performance over the last three years. You might consider getting a CPA (certified public accountant) to help you with the financial statements.

other valuable tips:

4. Start negotiating

If you didn’t find any issues after reviewing it, now it’s time to make an offer. Don’t start with the asking price to start negotiating it. Hopefully, the seller will agree with the price, if not then make the second offer, let see if the seller accepts the lower offer.

However, if for some reason you don’t like it anymore, don’t be shocked if your deposit is non-refundable. Sellers are only interested in dealing with a professional and serious buyer.

The best rules for buying a big commitment is to study and don’t get fooled. If you don’t like the business that the seller’s offering, then you can always walk away. Just don’t be shy to say no.

Image Credit: buying small business by Pixabay

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Categories: Small Business Tips

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