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is the route for the most first-time
entrepreneurs. It's more challenging than the other options and if the
business is successful, the entrepreneur will have a tremendous sense
of satisfaction.
It's like dream come true. Any business involves some element of risk,
however, and starting from scratch can be very risky, but it offers the
individual the greatest amount of personal freedom in determining
company direction, development and new markets.
Risk tends to be the highest in new business
and most new businesses don't make it.
Starting a business requires spending time on planing and clearly
understanding how it will operate. The owner manager often must be all
things to the business. This means long hours, having a clear
understanding of all business aspects and a need to follow a
predetermined course. Failure to do so often leads to a breakdown in
business functions, loss of control of the business's direction and an
inability to determine where the company stands in the marketplace.
All too often, a person with a little money and an interesting idea
tries to start a new business and ends up as an unhappy statistic after
a year of operation.
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A Basic Guide for Buying and Selling a
Company - This outstanding guide contains all the essentials
with regard to the interaction of people transacting for small
businesses and how to maximize your chances to obtain fair deals.
Explains how to effectively use a business broker, methods of payment
available to the buyer, deal with an attorney, how the seller prices
the company, and much more.
How to Buy and/or Sell a Small Business for
Maximum Profit: A Step-by-Step Guide - This book provides
a road map of suggestions, insights and techniques for both buyers and
sellers. It covers the entire selling process step-by-step—from making
the decision of when to sell or buy, through determining how to market
the company, to understanding the various legal & financial
documents involved in a sale, and on to closing the deal and handling
the transition afterwards. This book is geared toward the novice
entrepreneur who wants to buy or sell a small business. Topics covered
include: finding and evaluating a business to buy and/or sell, how to
value a business, raising the necessary capital, evaluating a business
financial condition using discounted cash flow, excess earnings, asset
value, and income capitalization, brokers, leveraged buyouts, letters
of intent, legal and tax concerns and contracts.
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ADVANTAGES
Potential for
lower overhead and lower start-up costs.