How to be an Educated Business Buyer
2. All of my seller
clients will be asked to sign a business profile form in which they attest that
all figures they have provided are true and accurate. I cannot make any representations toward the
accuracy of any figures because I do not own or run the business. I expect sellers to be honest as it is in
their best interest and that of the potential buyer. Any inflation of numbers is to the
detriment of all parties. I highly recommend that all potential buyers use an accountant to help in reviewing
financials for their own protection.
3. Remember, some
sellers keep better records than others, but most are doing their best to keep
accurate records. These are hard-working
business owners that have spent countless hours trying to build something for
themselves and their families.
4. You can choose to
use a broker or not, but at the end of the day buying a business may be one of
the biggest decisions you make in your life.
I mean this in terms of financial spending and quality of life. Finding a reputable broker can help you save
many hours, weeks, or months in trying to locate opportunities that may make
sense for you.
I tell all of my buyer clients to be methodical in their due
diligence (review of all the seller's information) and make sure that they are
comfortable with all details. If not, do
not buy the business. There will always
be another business that comes along.
If you wish to learn more about me and clients I have
actually worked with, please take a look at any of these links:
Comments
Post a Comment