The BizBuySell Small Business Community

  • Get Expert Advice

  •  • Find Local Service Professionals

  •  • Share Your Experiences

i want to buy a business..what do i need to do first?

No User Photo

Answer This Question

max 5000 characters

Web Reference (optional)

e.g., "www.mywebsite.com"

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, illegal activities, or to rant about personal issues. Please review the full guidelines if you have any questions.

Submit Your Answer
Answers (1)
No User Photo
The BAF Group LLC
MD

First, make certain what kind of business you want to buy; what can you handle, given your own backgroun, experience, education, etc. Next, look carefully at that industry: What is its history and its future? What will the next several years of potentially difficult financial and economic trends likely to mean? What are the technical possibilities that may impact your business?

WRITE A BUSINESS PLAN!!!! Determine whether it is better to start a business of that kind from scratch, or really buy that business. I am a Business Broker, and I will tell you it is not ALWAYS worth it to buy a buisness, in some industries.

Then, get your money together. Beg, borrow, (but don't steal,) from friends and family if you have to, before going to a bank.

Knowledge is the key, in all of this!

Nov 13, 2011