- Thou Shalt Not Be Greedy!
Sellers deserve a fair price for the years they have spent developing their business. Be prepared to pay for the goodwill of the business.
- Thou Shall Have A Good Reason For Buying!
Buying a business is hard work! It takes a commitment! Spend time deciding why you want the responsibility of owning a business.
- Thou Shalt Provide Background Information!
Be prepared with a resume and financial statement. Remember, the seller will most likely be your banker and will want to know that you can run the business successfully.
- Thou Shalt Keep An Open Mind!
There are no perfect businesses.
- Thou Shalt Keep In Mind Tax Benefits!
Remember tax benefits are realized from intangible as well as tangible assets.
- Thou Shalt Offer A Reasonable Down Payment
A low down payment indicates a lack of commitment. When sellers question commitment, serious negotiations are in jeopardy.
- Thou Shalt Realize Businesses Are Priced On Profits!
A business making huge profits with a few assets could save you money later in capital outlay for expansion.
- Thou Shalt Remember Time Is Of The Essence!
After all parties have agreed upon price and terms it is important to quickly proceed toward closing.
- Thou Shalt Be Prepared To Meet the Landlord!
Landlords usually have little to gain by cooperation. Therefore, come to meetings armed with resume and financial statement.
- Thou Shalt Avoid Surprises!
Disclose pertinent information early and avoid surprises that might destroy your credibility.
Courtesy of BBP
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