Owning and running a small business can be completely liberating for many women who want greater control over their lives and the ability to juggle work with family and other commitments. However being your own boss comes at a price, and setting up from scratch often requires so much time and energy that many are put off before they even get started.
For lots of reasons buying an existing business is becoming increasingly attractive. Buying a small business carries less risk because the enterprise is established; it has a customer base, a profit and loss account and offers a product or service that you know people want.
There are lots of factors to consider when buying a small business, the most important are perhaps choosing a business which you know you will like and are interested in, one that matches your talents and abilities, and one that suits your lifestyle and commitment levels.
Before you buy any business be sure to conduct due diligence, visit the company and talk to the owner and others who work there and crucially some of their customers. Protect your investment by having an attorney look over the business, check the accounts and draft a watertight sales agreement. Check the value of existing sales contracts by ensuring they are transferrable and have your attorney check over any licenses or permits which you may need to operate.
Many women who embark on a small business project may later decide that it really wasn’t for them, or may decide to sell when it is at a peak to maximize their financial gain. In either circumstance getting good legal advice early from an experienced business attorney is the most important first step. They will help you to draft a solid sales agreement to help you achieve the sale on the terms you want, and can advise you throughout the negotiations to get the best possible outcome.
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