In this last installment of this series, I'll focus on a few issues often overlooked when buying an existing business.
The full article, which was previously published in Invest Magazine and can be read in its entirety here: So you want to buy a business
Staff Considerations
As the potential new owner, try to meet any and all key employees prior to the purchase.
Knowing whether they intend to stay, or if there will be major personality clashes will give you additional insight on your start up issues.
Making Changes
When opting to go ahead with a business purchase, new owners begin planning and making significant changes to the business.
After all, it’s their business now and they can do as they want, right? Not necssarily!
This can be perhaps one of the biggest disasterous decisions they could make
New business owners should try to avoid any major changes to the business during this period, unless they are 100% sure of what the outcome will be.
Implementing business changes slowly, often produces a smoother transition and lessens the impact to employees and customers.
It is valuable to remember and consider that in purchasing an existing business, you are also purchasing the customers, good name, good will and reputation of that business.
Following the previous owner's proven success methods, will offer you a significant advantage in making the business "Yours".
Summary
Using qualified help, such as a local Panama City real estate agent during your search, investigation and purchase for a business will help to minimize negative impacts of your purchase.
When buying a business, there is great value in being diligent and honest with yourself in your assessments of the financial responsibilities as well as your own ability and areas of experience in running the business.
I hope you enjoyed this serices of posts and I welcome your comments.
If you're interested in purchasing or selling a home or condo in Panama City or Panama City Beach contact Jennifer today!. Directly: (850 ) 774-6582.
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