Sale/Purchase of Business
Selling a Business
No matter what kind of business you own -- a professional services company, a neighborhood bakery, or a home-based website that sells exercise equipment -- chances are good that there's an interested buyer out there (assuming the price is right). But finding the right buyer and selling the business on favorable terms will require both planning and hard work. Many more businesses are for sale every year than actually sell.
Your first step is considering whether you're ready to sell. Other steps will include understanding the sales process, preparing your company for sale, setting a price, seeking potential buyers, negotiating and preparing a sales agreement and other documents, and closing the deal.
Buying a Business
If you are planning to buy a business, you have many factors to consider. These include whether owning a business is right for you or for your lifestyle, what the potential for success in the field you've chosen is, and the risks involved. Owning a business can mean that you have signed on for longer hours and more worries than you've ever experienced as an employee. But, if you succeed, the financial and personal rewards are yours to savor. And of course, if you own your own business, no one can fire you.
Other things to consider include whether to buy a franchise or an independent business, how to find a business for sale, how to know whether the asking price is reasonable, and how to research the business's history and finances ("due diligence").
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