A serious buyer should have the answers to the following questions:
- Why are you considering the purchase of a business at this time?
- What is your time frame to find a suitable business?
- Are you open-minded about different opportunities, or are you looking for a specific business? Have you set aside an amount of capital that you are willing to invest?
- Do you really want to be in business for yourself?
- Are you currently employed or unemployed?
- Are there others involved who will make decisions with input from other parties on behalf of the potential buyer (i.e. spouse)?
If you’re thinking of buying a business, it’s important to ask yourself some tough questions. Buying a business is not for everyone – it takes time, money, and resources. You need to be comfortable with the risks and rewards involved in order to make a successful purchase. Don’t forget that no matter how much due diligence you do, there are always risks involved in buying a business. So before you take the leap, make sure you’re ready to jump.