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.

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