The rules of the business highway work to protect and benefit travelers in both directions - buyers as well as sellers - and sellers who ignore them, innocently or intentionally, usually end up losing time and money.
There are generally four ways to become a business owner: 1. Start your own business; 2. Take over a family-owned business; 3. Buy a franchise; 4. Buy an existing operating business. Each option has its own level of risk.
There are "Advance to GO" cards in the real world. For someone wanting to go into business, buying an existing profitable business is its equivalent. Compared to starting a business, such a purchase provides less risk and more potential for success.
Across North America, baby boomers have been known as both money makers and spenders. And more of them are now “making or spending” by selling or buying a business. The evidence comes from the Q1 Market Pulse survey done with business brokers across North America by Pepperdine University for the IBBA and M&A Source. Business brokers reported that in the first quarter of 2014.
As we move into spring a good many of us get that restless feeling prompting us to seek change in our lives. For many business owners the change involves selling their business.
Hiring the right people for your business is hard. And often, costly. But having the wrong person in a job costs a lot more. The real cost of a bad hire depends on what you take into account.
Buying a business? Use the right lawyer at the right time. Even Thomas Jefferson, a lawyer himself, said that "It is the trade of lawyers to question everything, yield nothing, and talk by the hour." I speak to a lawyer every day. And it doesn’t cost me anything. He has the office next to mine!
As far as grammar goes, "lawyer" is just a noun. In practice, though, the word comes with heavy baggage and associations that go way back in time, as seen in this quote in Voyager, by Diane Gabaldon.
Buyers and sellers sometimes overstate, understate or "forget" to state. Like teachers and the proverbial "dog ate my homework" cover story, seasoned business brokers have also heard it all. Only our tall-tale tellers are taller. And they often don’t realize what they’re telling us is untrue.
The Process of Selling a Business