When you’re looking to own your own business, it’s easy to be drawn towards simply buying an already established one. You think, “All the work is done, I just simply insert myself into this well oiled money machine”. Well, not so fast. Crystal Williams, author of the blog BabeofBusiness.com, has weighed the pro and cons of purchasing an already established business.
To me, the most important question I would ask myself is “Why is this business being sold?”. Think of it as a Christmas gift. The outside packaging may be neat and pretty but you need to remove the wrapping and open the box to see what’s inside. You may just be getting that lump of coal we’ve all been warned about. Read Crystal’s article “Biz for Sale! But Should You Buy?“, where she stresses the importance of doing your homework before you make this important decision.