5. Final Tips to Keep in Mind
Buying a business is a very complicated event. Here are some final tips to keep in mind that will reduce the likelihood of an exciting opportunity turning into a nightmare:
Know what to focus on when. Keep perspective by taking one thing at a time. Before committing to the purchase make sure you have done the proper research. Once that stage is complete and you understand the risks involved, come to an agreement with the seller on the basic terms and then spend the time on the details. Write a list of your priorities and concerns and refer back to them or revise them as the sale date nears. Do not let the seller control the process or keep you in the dark or uncertain about any issue that is important to you.
Get the right advisors, and rely on them. Nobody can do everything on their own, and there are experts in an area for a reason. Good advice can be worth far more than it costs, and it would be foolish to make an enormous commitment without spending a relatively small amount to ensure the right pair of eyes are involved in helping to direct you toward success.
Know when to walk away. The process of buying a business costs money and time. But if the information from the seller does not add up, or the risks involved are simply too great, it may be more advantageous to walk away rather than pay a considerable amount of money for a business riddled with problems that will cost you even more.
Ask an Expert Series: Ask a Lawyer
Does your business require legal advice about whether to operate through a corporation, a partnership or a sole proprietorship; about business agreements, or about another legal issue?
Then book a 30 minute consultation with a lawyer from Boughton Law Corporation through Small Business BC Ask the Expert series. Your appointment allows you to ask a lawyer specific legal questions you have for your individual business needs.
These sessions are booked in advance and take place at Small Business BC on a first come, first serve basis and are limited, so book today! For clients outside the Lower Mainland, appointments can be arranged via Skype.
5. Final Tips to Keep in MindBuying a business is a very complicated event. Here are some final tips to keep in mind that will reduce the likelihood of an exciting opportunity turning into a nightmare:Know what to focus on when. Keep perspective by taking one thing at a time. Before committing to the purchase make sure you have done the proper research. Once that stage is complete and you understand the risks involved, come to an agreement with the seller on the basic terms and then spend the time on the details. Write a list of your priorities and concerns and refer back to them or revise them as the sale date nears. Do not let the seller control the process or keep you in the dark or uncertain about any issue that is important to you. Get the right advisors, and rely on them. Nobody can do everything on their own, and there are experts in an area for a reason. Good advice can be worth far more than it costs, and it would be foolish to make an enormous commitment without spending a relatively small amount to ensure the right pair of eyes are involved in helping to direct you toward success. Know when to walk away. The process of buying a business costs money and time. But if the information from the seller does not add up, or the risks involved are simply too great, it may be more advantageous to walk away rather than pay a considerable amount of money for a business riddled with problems that will cost you even more.Ask an Expert Series: Ask a LawyerDoes your business require legal advice about whether to operate through a corporation, a partnership or a sole proprietorship; about business agreements, or about another legal issue?Then book a 30 minute consultation with a lawyer from Boughton Law Corporation through Small Business BC Ask the Expert series. Your appointment allows you to ask a lawyer specific legal questions you have for your individual business needs.These sessions are booked in advance and take place at Small Business BC on a first come, first serve basis and are limited, so book today! For clients outside the Lower Mainland, appointments can be arranged via Skype.
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