BUSINESS ADVICE
Buying an Existing Business by Greg Mohr, Consultant, The Franchise Consulting Company
selling their businesses. Buying an existing business is a good option because it lets you skip past some of the pain points and costs of starting a new business as well as giving you insight into how the business will be run. But don’t make the leap until you do your homework. Before you begin the journey of buying a business of your own, minimize buyer’s remorse by following the checklist below.
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uying a business is a big decision — luckily there are always a multitude of resale opportunities in the market and franchise resales tend to be the best. However, prior to pulling the trigger on buying
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an existing business, you want to do your homework. Every year, more than 500,000 businesses change hands, and that number is expected to skyrocket in the next several years as millions of baby boomers begin retiring and
SEPTEMBER 2021 | WWW.FRANCHISEJOURNAL.COM
BUYING AN EXISTING BUSINESS CHECKLIST Many people make the fatal mistake of buying a business based upon activities that they enjoy doing. The reality is you want to buy a business that has the characteristics that are most important to you that will ensure your business success. What are these characteristics? Think about what success you’ve had in the past and why. If you are passionate about doing something that will keep your interest, but will it pay the bills? This is one of the key items to consider prior to buying a business.