Are You Serious?

Buying a business safely qualifies as a life-changing decision. While business ownership offers many great rewards including the benefit of being your own boss, it also requires sacrifice, hard work, the courage to take risks and a willingness to invest valuable time and money.

If you're thinking about buying a business, you may want to start by asking yourself the following questions. Your answers will help you better define what you want and prepare you to answer similar questions that will be asked by a good business broker or intermediary.
■Why am I considering the purchase of a business at this time?
■What is my time frame to find a business?
■Do I have an open mind about the types of businesses to consider, or am I looking for a specific business type?
■How much money have I set aside to invest?
■Am I comfortable with being in business for myself?

The above questions can qualify you as a prospective buyer, but the real key is whether you can make the "leap of faith" so necessary to purchase a business. There is no such thing as a "sure thing" business. No matter how good the business, the degree of success is up to you as the new owner. And, no matter how qualified you may be as a buyer, you will have to have the courage to actually buy, and run, a business.

Serious buyers:
■have the necessary funds that are readily available.
■can make their own decisions.
■are willing to consider different types of businesses.
■have a genuine need to purchase a business.
■have a reasonable time-frame in which to buy a business (within six months).
■are cooperative and willing to listen.

The professional business intermediary is experienced in working with potential buyers. They can help you evaluate and find the type of business that best fits your reasons for buying.