Chris Steel – Entrepreneur Coach.com makes some excellent points in this video The Pros and Cons of Buying an Existing Business that have universal application regardless of what country you reside in.
Buying an existing business is a great way to get started, but make sure you have answers to these questions before you invest your money. Entrepreneur Coaching business experts narrowed this list of key questions to help ensure you purchase a strong investment with steady cash flow instead of buying a money pit. Want to learn more about starting or growing your business? Talk with the business experts at Entrepreneur Coaching today and get the help you need.
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- Less Risk
- Existing cash flow
- Raising finance is easier
- Proven track record
- Established customer base
- Existing employees familiar with the business
- Familiar location
- Good reputation
- Successful formula to run the business already in place
- More expensive to buy
- Due diligence is an absolute must to establish the true value, performance, and sustainability of the business and to ensure that all of the pros exist!