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What ongoing role should the previous owner play when I buy his business?

Can I expect to to be able to rely on the previous owner of a business to help with specific issues about his shop as I take over? Can I expect more?

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Answers (2)
Andrew Cagnetta
Transworld Business Brokers, LLC.
FL
Premium Broker

Carl is correct, but I have bought several businesses in my life, and save one owner, I always wanted to throw the old owners out in two days. So I would take Carl's advice, but always have the option to cut training short if you wish.

Mar 26, 2009
Carl J. Cusano, MBA, CBI
Capital Business Advisors, Inc.
President
Albany County, NY
Premium Broker

Determining an aqeduate amount of training and transition assistance that the previous owner should be a major consideration for those considering the purchase of an existing business. The amount and nature of training really depends on the type of business. A small retail or service business may only require one to two weeks of training, whereas, a larger or more complex business might require new ownership training for severals weeks or even months.

Mar 26, 2009

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