If you've always fancied yourself an entrepeneur, at some time in your life you might want to purchase an existing business. Though traditionally, business owners created their own business, there are some valid reasons to purchase an already-created business (or an "ongoing concern"). Here are a few reasons:
1. An established name recognition (sometimes referred to as "goodwill") can provide immediate income and cashflow, which is usually not available when creating a business from scratch.
2. An established set of processes and employees which will hopefully make the business run more smoothly from the beginning.
3. A chance to reduce some of the risks of starting up a new business by purchasing something with a proven record of success.
On the other hand, purchasing an existing business comes with certain risks:
1. What if the business you were sold isn't what it was made out to be (i.e., what if you purchase a lemon?)?
2. What do you need to do to protect yourself once you buy the risks?
And most importantly:
3. Even if the business is good, how do you keep it good?
In the next few blogs, I'll be writing about things to consider if you purchase a business. I'll be answering questions such as:
How do you make sure you're buying what you really think you're buying?
How can you get the money to purchase the business?
How do you protect your rights as a business owner?
Stay tuned....
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