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Do I need a business plan if purchasing an existing bus?

Do I need a business plan if purchasing an existing bus? Im currently searching to take over an absentee runned bakery/restaurant. I usually go on yelp to read reviews to have a better understanding of what community thinks of the business so I can plan for improvement should I take over. I know how important a business plan is but what if the business already exists? How does that work? do I just ask the current owner for a copy of theirs? do I create one myself? or is it even necessary to have one on a business that already exists?

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Answers (2)
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Moxie Brokerage Group, Inc.
Executive Business Intermediary
Hudson County, NJ

Just the cash and the time and expense to do your due diligence.

Jul 14, 2016
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The BAF Group LLC
MD

I certainly can help. What are you going to do with the business? Why is the owner selling? What is happening to the market around you? How will you cope with competition? How much competition is there and how new is it? If it is new, how will that impact you in the future? Are you going to expand the business? How? When? Are you getting a loan to purchase that business? Will the lender require a Business Plan? There are many reasons to do a Business Plan, even for an existing enterprise. Check our blog on the subject: https://combrokerbusiness.wordpress.com/2012/01/23/business-plans-who-needs-em/

Jul 7, 2016

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