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Buying a Business

Buying a Business - There are a substantial number of steps involved and much to consider, especially for anyone who has never previously purchased a business before. Buying a business is a major decision and investment. With much at stake, it is crucial that you prepare yourself properly and educate yourself for the journey and take the necessary steps to be certain that you make all of the right decisions along the way.

Nine out of ten people who begin the search to buy a business, never complete a transaction. This is according to industry statistics. Perhaps the biggest reason for this dismal statistic is that most people simply do not realize how much is involved. Part of the challenge is that most are first time buyers. Faced with having to make one crucial decision after another, they become overwhelmed and frustrated and soon they abort the project. According to Richard Parker, President of The Business For Sale Buyer Resource Centerā„¢ and author of How To Buy A Good Business At A Great PriceĀ©, The average buyer spends 18 months looking and then gives up. However, there's no reason why you shouldn't be able to complete the process in six months. If you're working full-time, you will have to be disciplined in your search efforts. If buying a business is a goal you've set for this year, then block off at least ten hours per week to devote to this project.