Critique

                                       Selecting a Business to Purchase

What do you do best? The biggest mistake that new business buyers make is basing their decision on what they do best. It’s not what you can do that puts you out of business, it’s what you can’t do.

So, when you examine a prospective business to purchase, look at the functions you can’t perform yourself and determine your learning curve to obtain sufficient expertise to handle all critical functions. Remember, the owner wants to sell, and the negotiated purchase price can include support and training in the areas where you need help. However, you need to be brutally honest about your own abilities. If you will be working 16 hours a day, 6 days a week, that doesn’t leave much time to learn special skills unless you carefully include them in your overall business plan calculation.

Questions to Ask Yourself Before Buying a Business

Here are some general questions that will get you started:

What do I like to do with my time?