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Start a Business
The decision to purchase a business of your own is not an easy task. There are many things to consider before the final decision is made. First of all, exactly what do you want to accomplish? To make millions of dollars, right? Or is it to have the freedom of being your own boss? Whatever the reason, you must be sure that it is something that you are ready to devote an exorbitant amount of time and energy into and that it is something that you really want. Otherwise, you might be stuck doing something that you hate. If you are ready to commit then you must ask yourself just how far will that commitment extend. How much of your own time, energy, and money are you willing to sacrifice?
After the decision is made, the acquisition of a small business can be summed-up into nine steps, in which most will be elaborated upon later. “These are the nine steps to any business acquisition, regardless of its size or industry:
1. The search, locating a business available for sale.
2. Identifying alternative candidates.
3. Valuing the business.
4. Negotiating a price and terms.
5. Investigating the company.
6. Preparing the business plan.
7. Sourcing the financing.
8. Preparing the closing documents.
9. Managing the transition period.” (Tuller, 10)
Some considerations that cannot be avoided when purchasing a small business
include: the question of needing a partner, the current economic factors, considering alternate locations, and developing…
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…you put forth is completely up to you. The life and death of the business is in your hands.
1. Fallek, Max (1994). Finding Money for Your Small Business
Enterprise-Dearborn: USA
2. Fluery, Robert (1995). The Small Business Survival Guide
Sourcebooks, Inc.: Naperville, IL
3. Horn, Thomas (1990). Business Valuation Manual
Charter Oak Press: Lancaster PA
4. Peterson, C.D. (1990). How To Leave Your Job and But A Business of Your Own
SVS, Inc. (Video)
5. Smorenburg, Michael (1998) Business Buyer’s Kit Career Press: Franklin Lakes, NJ
6. Tuller, Lawrence (1990) Buying In: A Complete Guide to Acquiring a Business or
Professional Practice
Liberty Hall Press: Blue Ridge Sumit, PA