Buying a Business
Making the decision to go into business for yourself is a major life undertaking. With an idea for a business opportunity you can, 1. Start from the ground up and do it yourself (risky), 2. You can buy into a franchise where the franchisor assists in ways that alleviate many of the hats a business owner needs to wear everyday (less risky), or 3. You can buy an already established business that has all the equipment, resources, customer base, and the staff already in place where you have to pick up where the last owner left off (least risky).
Going into business for yourself is a major investment in time, money, and energy. Long hours and sleepless nights go along with the rewards and satisfaction that comes with managing and growing a business and being your own boss.
A business with a good history, sound records, trained staff, and a ready-to-go set-up is the least risky of any start-up business operation. There are many reasons why owners sell their businesses and there are beliefs out there that only businesses with flaws are for sale. Let me safely say that all businesses have some flaws, but many owners sell for reasons that have nothing to do with something bad going on about their business. Family issues such as retirement, divorce, elderly parents, children, and health concerns can all precipitate a need to transition a business. Business issues relating to a sale can be a partnership dispute or dissolution, burn-out, new business interests, or just the need for something new to do. Sometimes these events create great opportunity to own and run a business that has been successful for years and really just needs a new steward.
