The best advice that I can give to anyone thinking of buying or selling a business is as follows.
Selling
- Make sure you really want to sell your business.
- Talk to family members and advisors before taking any action.
- Get professional help. A business broker, an accountant and a lawyer is a smart idea.. They will help you reduce your risk.
- Be patient. Don’t expect to sell overnight.
- Provide an information pack on the business containing an overview of the business and its financials.
- If you own a high risk business you may need to accept a lower price.
Buying
- Make sure you are really suited to the business that you are buying and that you are committed to the idea long term.
- Talk to family members and advisors before taking any action.
- Get professional help. A Business Broker , an accountant and a lawyer is a smart idea.. They will help you reduce the risk.
- Don’t buy a high risk business unless you really know what you are doing.
- Have a plan of how to get out of the business in the event you may want to sell.
- Follow through the process carefully looking to diminish your risk at every turn.
- Obtain as much information as possible in writing.