5 Steps to Buying a Great Business
A FEW TIPS FOR BUYERS AND SELLERS OVER THE FESTIVE SEASON
As the Jolly Red suited fella gets ready to drop in on the Big Special Family Barbie this year it is a great time to make a few naughty and nice checklists for your plans to buy a business or to sell the business you currently own.
Here’s my top 5 list for buyers. Next edition I will touch on the top 5 list for sellers.
As a general rule a business is going to give you a return of about half the purchase price each year, so for every $100,000 you put in you are going to get $50,000 a year inclusive of your wage. If you don’t have the cash the first thing to do is get your borrowing capability established with your bank or finance broker.
One in all in. Owning a business requires lots of support for the tough times and pressure events in a business. Are all the family in on the decision.?
Do you have the skills, or are prepared to learn the skills, to make the business work?
Be buyer ready….. when an opportunity comes up you need to know how to “secure it” immediately.
Never forget the business needs to be treat like a garden. It needs lots of love and attention to make the roses smell sweet and the flowers look beautiful.