The BizBuySell Small Business Community

  • Get Expert Advice

  •  • Find Local Service Professionals

  •  • Share Your Experiences

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?

No User Photo

Answer This Question

max 5000 characters

Web Reference (optional)

e.g., ""

Review Community Guidelines

Help keep our Community clean and on topic. The BizBuySell Community is a place where you can discuss your questions, concerns and knowledge with others you can trust. It is not OK to use this forum to solicit others for personal or financial gain, or to rant about personal issues. It's all in the guidelines.

Submit Your Answer
Answers (3)
No User Photo

Dear Customer,

Vincent Financial Services is a worldwide financial institution with over 20
years of experience. Our loan ranges from $10, 000.00 to $25, 000,000.00 for personal loan, Vincent Financial Services is a full service commercial financial institution. We write to clarify and explain our mode of services that we render to our customers on loan application issues.

Firstly, our ultimate aim is to ensure that our applicant's loan application
is approved, you are required to Email Your ID copy and 3 Months Bank Statement/ Payslip/Proof of Address and for Business Loan the Company CC should be sent in place of Pay slip to enable us verify if you qualify for our loan offer. Secondly, when it has been fully confirm that your applications is approved after the verification exercise from our payment verification department, your applications file will be forwarded to the paying Bank office to effect payment of your approved loan.

Vincent Lance Jessy (Dr)
Loan Controller Service Director

Oct 22, 2016
Andrew Cagnetta
Transworld Business Brokers, LLC.
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
Capital Business Advisors, Inc.
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

Start a Discussion