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Buyer Beware: A Few Things to look out for When Buying a New Small Business
Buying an existing small business is a gamble - but well worth
it if you take the necessary steps to make sure the business is
solvent, in good standing with the public and that you won't be
taking on more than you bargained for (such as debt or
damaged/outdated inventory). You can't be certain of its
success, but there are some steps you can take to help uncover
any pitfalls a business for sale might have. Here are some
things to check into before you make your final decision.
Locate your competition When searching for an existing business
to buy, do your homework! Find out where your competition is,
including new construction. When you buy that little café only
to find that there's a commercial chain coffee shop going up
across the street, it'll be too late! Most city newspapers
publish a listing of new businesses each week, and there's
nothing wrong with asking a question or two at a suspect
building site near your location. You can also contact the
chamber of commerce in the city your new business will be
located. Business licenses are public record, making it
perfectly acceptable to ask about new businesses and their
locations. It's worth the legwork to know where your competition
will be before you put a down payment on your new business.
Check the date! If you're thinking of purchasing an existing
business including back-inventory, be sure to make certain that
the inventory is not expired or defective. You may think you're
getting a good deal when the seller tells you all back-inventory
is included in the sale price; however, all you're really
getting is product you can't sell or return for credit.
Thoroughly investigate back-inventory to verify its worth before
it's your problem to dispose of!
Business Debt: Now it's your problem. Be sure to ask about all
existing debts in the business's name. When you buy that
business, you get everything that comes with it, including debt.
Loans made directly to the business do not travel with the
seller - nor are they forgiven when a new buyer takes over.
What's the word around town? Just because you adore the quaint
hardware store two-towns over doesn't mean the store's
customer
base feels the same way. Changing the minds of patrons who've
had a bad experience with an existing business is a challenge.
Hanging an "under new management" sign does not always do the
trick. Casually ask people in the area what they think from a
customer's point of view: "I've been thinking of stopping in XYZ
Hardware - what do you think of that place?" or "Can you
recommend a good hardware store?" This will get people talking
candidly. Don't let them know you're thinking of buying; you may
not get their honest opinions.
Want to see it from the inside? Take it for a test drive. You
want to buy an existing business and have finally narrowed it
down to the one you're most interested in. If you're working
directly with the seller, ask if you can take it for a test
drive by working there a week or two. Most sellers will be more
than willing to let you "intern" there to see how the business
runs from day to day. This will provide you with a first-hand
look at some very important factors, such as the customer base,
the average sales per day or week, the amount of time you'll
need to spend there, and a chance to meet some of your future
suppliers and vendors. You may realize that this type of
business is not for you after all, or you may find it to be your
dream-come-true. You won't really know for sure unless you get
your feet wet. (Note: Only request a "test drive" if you're
serious about making an offer. No seller has time to entertain
individuals with a casual interest).
These are just some of things you should be aware of as you seek
to buy an existing business. Though it is generally accepted
that purchasing an existing business is less risky than starting
something new, you should always be sure to check everything out
before making a down payment. Remember - once it's yours, it's
yours!
About the author:
Karen Torbett is founder of Venture Point, LLC
(www.VenturePointOnline.com). She spent almost a decade running
someone else's company before she achieved her goal of business
ownership. Now, Karen helps entrepreneurs like her seeking to
buy or sell a business on their own. Contact her at:
Karen@venturepointonline.com.
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United States Small Business Administration |
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SBA |
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Small Business and Self-Employed One-Stop Resource |
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BC Business Services offers assistance and resources for those running or starting a business in British Columbia and Vancouver. |
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Small Business Service | Home |
Provides information and advice to help small businesses realise their potential. |
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NSW Small Business |
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Links to Small Business Funding Opportunities and SBIR / STTR Applications. |
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Microsoft bCentral Small Business Directory |
Directory categorized by industry with company business card feature. |
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Facilitates the sharing and exchange of information among small business development centers, the small business administration and other business-oriented ... |
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Small Business Development Corporation |
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