If you’re an entrepreneur in Raleigh or business savvy pro, buying a business can be very exciting. However, it may present some struggles and mishaps along the way.
Before taking the plunge in buying a business, create a team of advisers like business broker, attorney, and an accountant that can assist in determining the value of a business. The law experts at Thornton Law Firm, know how to get a new business up and running by drafting and filing of the various legal documents necessary to properly set up a new venture.
4 crucial items to consider before saying “Yes” to buying a business are:
- Timing: Taking on a business requires a lot of time, effort, and preparation. If there is potential and an incentive in buying the business, the time and effort is well worth it.
- Company History: The buyer should do some research on the company history to find out if there is anything beyond numbers that might affect the new venture. Knowing about the company’s various legal agreements, audits, tax history, employee history and client history can be vital in ultimate success of your venture.
- Open communication with the previous owner: Candid and open communication with the previous owner is important when taking on the business. Have a clear understanding why the company is being sold and get an in-depth analysis of the company.
- Goals: Before buying a new business, it’s important to know what your specific goals for the company are. Whether it is re-branding or increasing sales, buying a new business means setting a new business goals.
If you’re buying a business, the Thornton Law Firm would love to help! Call Chad Thornton at 919-740-1264 or email him at [email protected] today to set up a free consultation to get a better idea of what the business needs!