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re: Considerations before purchasing a small business?
Posted on 6/14/13 at 8:11 am to ThaBigFella
Posted on 6/14/13 at 8:11 am to ThaBigFella
quote:
My biggest thing is......why is he selling?!?!
Always my first question as well. And when he answers the question, I question the answer. As JP Morgan would say:
"There are only 2 reasons anybody does anything. The RIGHT reason and the REAL reason."
I'd also learn as much as I can about the real estate involved. If the products or services are rendered obsolete (which can and does happen) all you have left is the real estate. You'll almost never get anywhere close to fair value for the equipment and furniture.
This post was edited on 6/14/13 at 8:19 am
1
Posted on 6/14/13 at 8:18 am to Vols&Shaft83
right on vols, lots of times a small business owner knows a competitor is going up nearby and is worried about a change in his business. It could be something as simple as an exit on the highway undergoing remodeling for a few years affecting the business. There really is a reason he is selling beyond " I need the money for something else" .....people DO NOT SELL successful businesses, or let me rephrase that, they rarely sell successful businesses
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