We recently ran our last Business Buyer’s Workshop. We’re taking a break until the fall, and during this time we’re going to work on some improvements.
But let me tell you, what a way to end it! I co-hosted the last instalment with Mike Finger, CEO at Exit Oasis, and we went over 7 key takeaways for business buyers:
- Buying a business mitigates risk, but it doesn’t mean it’s any easier than starting one. Entrepreneurship through acquisition still comes with emotional and financial challenges.
- You’re not buying a business, you’re buying a lifestyle. You have to make sure everything from the hours to the type of work is well-suited to you.
- It’s okay to find a broken business, as long as you have what it takes to fix it.
- When it comes to valuation, pay only for what the seller can prove. That means paying close attention to the paperwork.
- You need to fall in love with the search process. Buying a business takes time, buying the right business takes longer.
- There’s one thing scarier than buying a business, and that’s buying the wrong business.
- You don’t need to start a business to own one.
Special thanks to Mike for doing this with me. It was honestly the best workshop to date.
In the meantime, if you’re looking to buy a business or franchise, check out some of our listings.
Nunzio Presta, CEO of BuyAndSellABusiness.com
