Ruth and Jim are contemplating a major life-changing event … leaving the corporate world where each has served for over 20 years … with no intent to retire. Given their enviable financial position, they are prepared to liquidate their stock market holdings and seek opportunities to own their own business.
Think You’ve Found a Business to Buy? (Part 2)
Your next challenge is the hard work of due diligence. Whether you have past success in buying a closely held business or are relying on the proven professional capabilities of a seasoned business broker/advisor, it is an absolute must to get solid answers to questions regarding the six major drivers of business value.
Buying your own business, especially if it’s your first time as an entrepreneur, is a daunting undertaking … but not impossible given the right planning and execution. There are a lot of moving parts to consider including a careful analysis of physical assets, financial statements, strengths of management, employee engagement … and relationships with customers, the community and competitors.