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Things to consider when you purchase a business

You want to go into business for yourself. Do you start a business from scratch or buy an existing business? There are pros and cons to either choice. You may feel that it's less risky to purchase a business that's already up and running and has an established customer base. However, if you've decided to purchase an existing business rather than starting your own, you still have your work cut out for you to help ensure that you're making a good investment and one that will also be both enjoyable and successful.

It's essential to do your due diligence to determine the health and other information about the businesses you are looking at. Before you do that, though, here are some tips for determining which businesses you want to consider.

For some Nevada residents buying an existing business represents less of a risk than starting one from scratch. While the opportunity may be less risky in some aspects, you must perform due diligence to help ensure that you know the true financial condition of the business and the terms of the purchase. If you have decided to buy an existing business, you will want to be sure you are making the right choice in your new venture.

First, determine what kind of business you want to purchase. You're going to be devoting a big part of your time and your finances to it, so it should be something in which you're interested.

Once you've identified your interest, consider what other factors are important to you. This can include time commitment, location and the amount of investment you're prepared to make.

Ideally, you want to buy a business that is priced within your budget and is profitable. If that's the case, why is it for sale? That's where research and due diligence are crucial. You want to look carefully at the business's financials.

You may find it worthwhile to obtain guidance from both financial and legal professionals. Of course, no business venture is guaranteed to be successful. However, experienced advisors can help you determine what to look for and can provide experienced advice to help you make the wisest possible decision.

Source: U.S. Small Business Administration, "Buying Existing Businesses," accessed Aug. 28, 2015

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