Choosing the right business is an important decision and should be based on the skills required to operate that business and the talent you have available (yours and others) to do so.
* Purchase or Sales Agreement for Buying a Business
You can purchase the business by buying the assets of the business or buying the stock of the corporation.
* Doing Due Diligence
You should review the financial documents of the business you are planning to buy very carefully. As you become a small business owner, there are items that need to be addressed before entering into any business agreements or transactions. Taking care of these requirements will prevent potential harm to your business.
*Checklist for Closing on a Business
The business you have been dreaming of is almost yours! The closing is the final step in the process of buying the business. Keep in mind that you should have legal counsel available to review all documentation necessary for the Closing.
*Determining the Value of a Business
Before you make any purchase, you want to know what youre paying for, right? The same is especially true when you are acquiring a business. Before purchasing your business, you need to determine the value of the business and negotiate accordingly.
*Doing Research for Purchasing a Business
Once youve found a business that you would like to buy, its important to conduct a thorough, objective investigation. Look into every aspect of the business, verifying whether the owners stated reasons for selling are true, the financials of the business, tax returns, journals, debit and credit ledgers, account receivables, inventory, good will, equipment and machinery, contracts that the business may have with other vendors, suppliers and customers and so on.