7 Key Takeaways from Our Business Buyer’s Workshop
We recently ran our last Business Buyer’s Workshop. We’re taking a break until the fall, and during this time we’re going to work on some improvements.
But let me tell you, what a way to end it! I co-hosted the last instalment with Mike Finger, CEO at Exit Oasis, and we went over 7 key takeaways for business buyers:
1. Buying a business mitigates risk, but it doesn’t mean it’s any easier than starting one. Entrepreneurship through acquisition still comes with emotional and financial challenges.
2. You’re not buying a business, you’re buying a lifestyle. You have to make sure everything from the hours to the type of work is well-suited to you.
3. It’s okay to find a broken business, as long as you have what it takes to fix it.
4. When it comes to valuation, pay only for what the seller can prove. That means paying close attention to the paperwork.
5. You need to fall in love with the search process. Buying a business takes time, buying the right business takes longer.
6. There’s one thing scarier than buying a business, and that’s buying the wrong business.
7. You don’t need to start a business to own one.
Special thanks to Mike for doing this with me. It was honestly the best workshop to date.
In the meantime, if you’re looking to buy a business or franchise, check out some of our listings.
Nunzio Presta, CEO of BuyAndSellABusiness.com
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