- Check that you are paying a fair price. Sellers often over-value a business. If possible, try to get the seller to finance part of the selling price
- Find out what lease is available on the premises
- Try to find out the “real” reason the owner is selling the business
- Check out the financials. If the figures look to good to be true, they probably are
- Do proper research on your competitors, location etc.
- Don’t believe everything the seller or business broker says. Remember, they are in it to make as much money as possible
- Run the business with the owner at least 1 month before you take over to confirm sales, profits etc.
- Don’t get to emotional about a business. Think with your head not your heart
- Ask yourself the question. Will i still be happy in this business in 5 years?
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