Buying a Business from a Baby Boomer!
Here are some benefits to consider when purchasing an existing business:
- Proven Concept – Buying a business with a proven concept is less risky. Buying a business with a proven concept that’s been around for a while is even less risky (although there’s always risk!).
- Recognition – It’s likely that you’re buying a business with a recognized name already. That’s huge!
- Equipment – If equipment has been updated recently, the business will have a more seamless transition. You can then focus on improving and growing the business immediately.
- People – In addition to getting knowledgeable existing employees, you can also have the existing owner stay on for a year or so to show you the ropes (looks great to banks!).
- Customers – The business has existing, loyal customers! You need to make sure to continue to nurture those relationships.