4 Things to Consider When Buying a Business
Congratulations! You’re about to embark on an exciting chapter of your professional life by buying a business. Purchasing a business is a big decision that will impact your life and your financial situation for many years. Before you start looking for that perfect business, it helps to understand what will make it the perfect business for you!
Here are 4 factors to consider when seeking the best business to buy:
You’ll more than likely be spending a lot of time at your new business. The location of the business is an important factor. Will you be willing to move to a new location or do you need to find something within a reasonable driving distance from your existing home? Location is also important regarding the business itself. How the business performs in the area, the cost of labor, taxes and other financial considerations that can affect the bottom line of your new business.
What size business are you looking to purchase? Are you thinking about a small, family sized endeavor or a large enterprise? While buying a larger business could mean additional profits, it also means a larger purchase price and a more stressful transition. Where do you see yourself?
Do you already have experience in a certain industry? Are you happy and comfortable within that industry? If not, perhaps you need to consider what you are passionate about or what hobbies are of interest to you. This new company will demand a lot of your focus, to ensure you are focused and engaged, it’s best to select and buy one in an industry that holds your interest and/or passion.
Do you mind working odd hours? Do you want to travel? Are you open to having to take emergency phone calls in the middle of the night? The type of business you select will dictate the hours you’ll need to keep and the conditions you’ll work within. For example, operating a bar would obviously involve different hours and challenges than a clothing store or a pre-school.
Cress V. Diglio, Florida Business Broker
Cress V. Diglio is a Certified Business Intermediary (CBI), a Merger & Acquisition Master Intermediary (M&AMI) and the Past Chairman of the International Business Brokers Association (IBBA).
Whether you are looking to buy a business, sell your business or merge with another business, Florida Business Broker Cress V. Diglio has the experience to assist you in all facets of the transaction. Call Cress today for complete transaction support and expertise, 888-984-4208, or visit https://floridacertifiedbusinessbroker.com.