Buyer’s checklist
Buying a business is a smart growth path for many. It can also be the start of a new entrepreneurial journey. By acquiring an existing business, you step onto a moving train with a set direction, and have the opportunity to shape it into something of your own.
Buying a business is a smart option if you want to become an entrepreneur. It is also an effective way to expand your existing operations. By acquiring an established business, you gain several advantages: an existing customer base, a proven business concept, and existing networks. Buying a business often also means that you can start generating revenue faster.
In many cases, the seller remains available to support the new owner after the transfer, ensuring that valuable tacit knowledge gets passed on. After the purchase, however, the new owner has full decision-making power and operational control to develop the business further.
Buyer’s checklist
- Carefully review the business you plan to acquir
- Seek advice from experts
- Prepare a business plan
- Secure financing for the acquisition and initial operations
- Draft the purchase agreement with care
- Take full ownership and control of the business
