I’ve recently been contacted by a series of clients that are buying into existing businesses rather than starting a business from scratch. They all have various backgrounds, but usually they are involved in some way with the business or industry as a key employee and decide that they want to move into an ownership role. Sometimes they move to buy out the owner of the company they work for, other times they want to buy a competing business and run it as their own.
I must admit it never occurred to me before, but a recurring theme I’ve noticed is that most of these individuals had no idea what was involved in purchasing an existing business or how to go about doing so. Hopefully this series of posts will shed some light on the process for anyone currently considering buying an existing business.
Purchasing a small business can be easy, straight forward, and simple; or it can become extremely complex. Each situation is different but I’m going to attempt to describe the basic process. In more informal purchases some of these steps might be skipped. In more formal purchases there might be other steps added to the process. But this series of posts should give you a basic idea.
Over the next several days I’ll discuss each of these steps in detail, but for now here is a quick run down of the steps I will discuss:
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