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Want to buy an existing business after military, where do I start?

Would like some information or guidance for purchasing an existing business. Will need financing. How much cash would I need to come up with? Where do I start? Will be retiring from the Marine Corps within the next year and would like to incorporate management, supervisory, and production enhancement skills into a business that I could have fun with as well. Would prefer the Bar and Lounge or Liquor Store businesses.

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Answers (6)
Sam Desai
AliveMind
Los Angeles County, CA
Premium Broker

You need a mentor. I have posted a web reference on how I got started.

Dec 24, 2014
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This might be a crazy question, but when you have so many ideas and plans you believe would be great how do you decide which route would be the most beneficial for you? How do you decide what you will focus your attention and energy towards?

Dec 17, 2014
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Thank you gentlemen. I have a lot to think about. I need to narrow down what I want to do, then a lot of research!

Dec 17, 2014
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Andrew and Don are both spot on. There are a lot of risks involved and having a strong foundation in what you need to do will be important. There are a number of great resources out there to help with the process. Check out http://fitsmallbusiness.com/how-to-start-a-small-business/ as a good source of information.

Dec 17, 2014
Andrew Thompson
PEAK Performance
CEO
Riverside County, CA

I don't want to burst your bubble, but I would approach the Bar and Lounge or Liquor Store business with caution. It is not an easy industry and many of them don't survive past 2 years. It is certainly not the business I would recommend a new entrepreneur go into without years of experience running such an establishment. However, if you insist on pursuing this path... I recommend you do your research, not on the purchasing of, but who has been in the business and had great success and then offer funding as a silent partner and learn from their experiences. It's the safest way to approach that industry with the least amount of risk. Keep in mind, there are many other opportunities available. This is a large "business" world, just be cautious and play it smart. Andrew Thompson, CEO, PEAK Performance, Inc.

Dec 16, 2014
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The BAF Group LLC
MD

You need to do a lot of study, before you jump into anything - so you are beginning with the right attitude. I would suggest you check out our series of blogs about how to start or buy a business. One I would start with is: https://combrokerbusiness.wordpress.com/2012/01/04/should-you-even-think-of-owning-your-own-business/

Dec 15, 2014

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