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I would like to buy an existing business How do I get started? What are the requirements besides having cash?

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Answers (13)
Julie A. Barnes, CPA
Small Business Exchange, Inc.
Travis County, TX

Hi Rhonda,

I'm a CPA and business broker here in Austin - I'd be happy to chat with you if you want to give me a call at: 512.577.8003. In the meantime, I'd suggest you consider a few questions:

How can you exploit your background?
What businesses are within your price range?
How much do you plan to pay as a down payment?
How do you plan to finance?
What kind of business do you have in mind?
What location do you prefer?
Do you prefer that the current owner to provide training?
What role do you prefer? Manager? Investor?
Are you seeking a partner? Investor?
These are only a sampling of the issues you need to address.

Please visit my blog:, where I offer free advice about how to buy or sell a business.

Good Luck!
Julie A. Barnes, CPA
President, SBX, Inc.

Apr 20, 2010
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Biz2Credit LLC
New York County, NY


Having prior experience in the same field helps as you will putting your hard earned money in the venture. Also you should plan the way you want to run the business- whether you want to run on your own or have a team which you will manage.

Clearly articulate your expectations: Have a 5 year plan about what you want to achieve in business including financial security, professional satisfaction,

Plan acquisition wisely- Do not put all of your own money to acquire a business as getting some debt is useful. It helps you to establish a business credit which will help you to borrow more money down the line when you plan to expand. Also it will be easier for you to exit the business which ahs good business credit history.

When you have zeroed down a business, you can contact us at for your financing needs.

Biz2Credit have over 75 banks and 130 products to match your varied business credit needs across the country. You can fill out a free loan application on and see your options and decide to work with lenders either on your own or through a dedicated case manager from Biz2Credit at a low monthly cost. Once you get matched with a lender, you can use the document management system to upload and maintain all the documents , share it with lenders and other partners you work with. Also being a registered member helps you to get free updates on new lenders ,lending product and tools to build and manage your business credit from our partner, Dun & Bradstreet.

Apr 19, 2010
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Rhonda, you must be open -minded and not limit yourself to businesses that you are familiar with. You won't find gold in the highway, you have to mine it at certain locations. Thankfully we found a location and encourage you to join us in developing it. Contact me at my email address on my profile. You only got a maximum of 48 hours.

Apr 19, 2010
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Rhonda, you must be open -minded and not limit yourself to businesses that you are familiar with. You won't find gold in the highway, you have to mine it at certain locations. Thankfully we found a location and encourage you to join us in developing it. Contact me at my email address on my profile. There's no time.

Apr 19, 2010
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Sunbelt Business Sales & Acquisition
Middlesex County, MA

Please contact me at 617-945-5338 or

M Mariola Andoni, CBI
Sunbelt Business Sales & Acquisitions

Jan 8, 2010
Andrew Rogerson
Rogerson Business Services
Certified Business Broker
Sacramento County, CA
Premium Broker

If you are planning on moving into business ownership I suggest the following:
1. Create a life plan. What's important to you that's currently in your life that is non negotiable - do you have a partner, children, a charity or church that's important to you etc.
2. Once you have a life plan, start on a business plan. Your business plan should be pretty empty when you first start out as the goal is to build it out over a period of time based on things that make sense to you.
3. Now one of your first decisions - do you want to start your own business, buy an existing business or buy a franchise. Your question states that you want to buy an existing business? How and why did you arrive at that decision? What research have you done to support your idea.

As you start answering the above questions things will start to become clearer. You still have a lot more work to do but you final decision will be tempered with many questions and answers such as the industry you want to work in, the hours you want to work, how much money do you have to invest, what are your strengths and what are your weaknesses.

There are some books available from my website which may help if you have further interest.

Finally; be patient with yourself and build a team of people around you to help you make the right decision.

Dec 7, 2009
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Prudens Business Advisors
Los Angeles County, CA

First-Time Business Buyers: What You Need To Know

Making the transition from worker bee to small business owner involves a great deal of time, effort, money, and personal commitment. It is not a decision to be made hastily nor taken lightly. There are certain questions you need to ask and certain elements to consider, with every step along the way a potential pitfall. Ash Rasaei with Prudens Business Advisors discusses what first time buyers should know before buying a small business.

Dec 6, 2009
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Freedom Business Brokers
Orange County, CA

The 4 essential elements required for running a successfull business are as follows:

1. Vision
2. Charisma
3. Knowledge
4. Hardwork
Besides this good decision making is an important factor. Unfortunately every person think
that he is making a right decision but they may be making a drastic mistake.
Here is the example:
One buyer bought a Sizzler restaurant many years ago.Immediately after buying he found that Manager was dawing about 4k a month that seemed to be a biggest chunk of revenues. He fired the manager and stood on cash register himself with no experience and no business ettiqutes.
Consequently in 3 months sale went down to one third. Later he realized that the manager used to bring lot of parties every weekend say a fleet of 100 to 200 people they disappeared. If 200x4=800
people who used to eat in 4 weekends disappeared and correspondingly other regular sales were
down as well.The result was eminent .Later he sold that restaurant for pennies.An example of bad decision.
Another example- Sold a wholesale company to an over enthusistic buyer who used to have a janatorial co of his own with a cleaning crew of 6 employees. In the wholesale co there were salesman who used to earn a commission based on their production and seniority. He fired all the staff and replaced with the cleaning crew with a minimum wage who couldn't sell water to a thirsty person. Besides their appearance and body language contributed to drastic reduction in sales. Another example of bad decision.
If you ask these two sellers now that do you think you made bad decision that led to your downfall.
They will never admit it. Because this world is running with fools and not by smart people. S,ome people are born to commit mistakes, others learn from their own mistakes. Knowledge brings the power and sound decisions made will take you to heights of sky and bad decisions will take you to depths of oceon. So follow the protocol and guidelines for success and run the business with a caution like you are walking on the eggshell. Think before you act.
Good Luck!!
will lead you to the core of earth.

Dec 5, 2009
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1-Guts. 2-A work ethic second to none. 3- Brains. A boatload of cash helps also. Good Luck.

Dec 4, 2009
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Ms Hays, do you have anyone who could help advise you such as an attorney, accountant etc.? It helps to have someone you can bounce ideas off of or who you can question about financial matters, business practices etc. Once you determine what best suits you, decide whether you want a web based business or brick/mortar type along with the type of hours you wish to dedicate to your business. A purchase price range is also great to have in mind as this will give you an idea as to what you may expect for yearly earnings for your ROI. If you have any other questions or would like some ideas on types of businesses you could purchase, feel free to contact me at I have several available you might be interested in. Good Luck to you.

Dec 4, 2009
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IAGD int3D
IA-Design Business Development

What kind of business experience do you have or good at?
or... what sort of business are you interested that could some how help you bring you to the next level?

Dec 3, 2009
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The BAF Group LLC

Rhonda, there are a number of things to think about - you could write a book about this subject. Why not give me a call some time tomorrow or Friday; it might be easier to start that way. No cost - no obligation. Don Barrick, at (410) 715-0700.

Dec 2, 2009
Jon Holmquist
Edgemaster Model 400 sharpener
Marion County, OR

Rhonda, the first thing that is a requirement is to decide what kind of business you want to own.
Buying a business just cause it is for sale is asking for trouble. Do you know anything about the business, have you had experience in that business, do you think you can fall in love with that business?
These are all questions you need to answer to get started. You can look at many different ways to make a living, but you need to assess your interests, abilities and experience to be successful.
if y ou are brand new I feel that you should look at a bunch of franchises and find one that would fall into the catagories above. Be sure and look at the hours hou need to work, employee management, days you have to work, etc. Then when you find something that sounds interesting, go and find several and tastalk to people doing the business and see what is "really" required. A franchise is required to give you a Franchise Disclosure Document that lays everything out for you. You can go in with your eyes open and not take a chance the owner is telling you the truth when he tries to sell you a business.
You need to do a lot of question asking and you are starting right here on this site. Good Luck, you are going to need it. Jon at Edgemaster Mobile Sharpening

Dec 2, 2009

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