A2 Basic 79 Folder Collection
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- Every now and then I get a friend or a family member
saying that they're interested in buying
some type of a business.
So this wouldn't be about starting a business,
but there might be an existing business.
Maybe it's a convenience store
or maybe it's some type of health care practice
or whatever it might be, and they say,
hey, I'm going to buy this from the existing owner
and I think it's going to be a great business.
And they'll often say it generates this much money
and I only have to put this much in
and it feels risk free.
And what I tend to tell them,
and I don't wanna be one of these naysayer people,
I say, possibly.
But what you always have to think about
is why are they selling it?
And sometimes there's a good reason why they're selling it.
Maybe they're retiring and they don't have
someone to pass the business onto
and they see in you kind of the person that they would
love to see running that business going forward.
That could be a very legitimate thing.
But oftentimes, there might be situations
where they might be pumping up some of the numbers,
they might be showing you business
in the busy season or on the busy day.
And so I wouldn't take, especially if it's a small business
that doesn't have auditing,
that doesn't have really strict accounting practices.
I would observe the business for a very long period of time
and I would take your own data
as to whether the numbers you're hearing about are real.
And I also wouldn't discount how much effort
and work the existing owner is putting into it
and what happens to the business
if they're no longer there.
If all of that works out
and if it really does make sense,
then, yeah, you might be onto something.
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What to think about when taking over an existing business?

79 Folder Collection
林宜悉 published on March 28, 2020
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