Chapter 6

Exploring Buying a Business


check Understanding good reasons to buy a small business

check Figuring out when you shouldn’t go the purchase route

check Identifying what you need to be successful with an existing business

After a business has been created, it can have a life of its own. The umbilical cord to its creator can be cut, and the business can pass onto various owners. In some cases, a great small business can outlive its original owners — assuming, of course, that subsequent owners have the necessary entrepreneurial and management skills.

In this chapter, we tell you the reasons why you may buy a business, but we also steer you clear when your personality and resources don’t make purchasing a good match.

Understanding Why to Buy a Business

Every year, hundreds of thousands of small businesses change hands. Why? For the same reasons that many people purchase an already-built home instead of building one from scratch — because building a home or business takes a lot of time and work and has lots of potential for problems.

We don’t mean for you to take this building analogy too far. After all, you can start most small businesses without drawing on your carpentry ...

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