How do people buy an existing business?
I'd love to buy an exisitng business.
But how do people do it?
Is it one of those things were only Multi-Millionaires can buy them or something?
- sophiebLv 78 years agoFavorite Answer
You can buy a franchise from the main company.
You can buy a small business through a realtor (who could also provide you with the profit and loss statement the owner had from the prior year).
Sometimes businesses are for sale and listed in the newspaper or newsletters that some cities send thru the mail....but either way you do it I suggest you have your own realtor and your own attorney.
Once in there you'd have to go over the books closely, perhaps have your CPA do it so that you'll know where the former party went wrong, and why they were selling the place (could be traffic patterns changed, could be they overspent, could be the government taxed them till they couldn't breathe, could be they overpaid their staff, could be they were sued, could be they just wanted to retire because of age or illness). Get their books in order and start anew with your 5-year business plan.