Factors To Consider

You should find out the answers to the following questions:

Are you just buying the business or does the purchase price include the land and the building?
If the purchase is for business only, what type of lease exist?
What are the seller's future plans? Perhaps you should include a clause in the contract to prohibit the seller from opening a similar business during the next five years in the same community.
Does the day-to-day operation of the business depend on the presence of the owner?
Is the equipment owned or rented?
What is the reputation of the business in the community?
Why is the business for sale?
How much you should pay?
If there are employees, are they properly trained?
Are all present employees needed?
How much are employees paid?
Is there a union contract?

Consult a professional accountant to find out the following:

Whether the inventory (merchandise available for sale) is selling as quickly as it should be?
Whether the customers are paying their bills on time?
Whether the expenses of the business are in line with its sales?
Does the business owes to much money?
How much profit the business is earning?
What is the cash flow position?

Buying An Established Businesss
Buying A Franchise
Market Research
Your Product Or Service
Your Customers
Your Competition
Getting A Financial Picture
Business Guide

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* Understand how their own minds work-and how they can think in creative new ways. The mind of the market is waiting to be explored. Make sure your competitors don't get there first.