Many Canadians feel that the cost of local housing, whether purchased or rented, is beyond their means. Affordability is especially an issue in Toronto, Vancouver and Calgary. Less in the news are non-residential properties and the hardships their rising property taxes are causing to small businesses. It’s an expense that is causing small businesses to relocate, reconsider expansions and, in some instances, shutter, notes a recent Globe and Mail Report on Business.
You’ve never been known as someone who has trouble making decisions. But here you are swinging like a pendulum when it comes to following through on selling your business. You’ve taken your business as far as you can. You have other ideas about what you’d like to do with the rest of your life while you still have the health to act on it.
The finishing line to buying your business is in sight— you want to get there ASAP. But you can’t shorten due diligence, an important and complex part of the purchasing process. As described in Due Diligence in Buying a Business (part one), our goal is to identify any fatal flaws, verify that the information is reasonably accurate and confirm that this business will really work for us. And so, it's essential we keep to the plan our broker has set out for us.