RULES OF BUYING A BUSINESS: NO. 1: DO NOT BUY ON EMOTION

Many of us dream of owning our own business and making a fortune. Instead of starting from scratch many people opt to buy an existing business. While it may be less risky to buy an existing business you still need to carefully consider what you are buying.

Many individuals are so excited about the dream they forget about reality. Do not fall in love with the deal itself. Make sure to take a step back and take the emotion out of the deal. Talk with an accountant to determine if you are getting a fair price or maybe even a discount. A first step towards success is to make sure you buy the business at an attractive price.

Sounds easy, right? If so, why do the majority of businesses fail?

So be a good shopper. Buy at a discount if possible. Be patient and wait for the right opportunity.

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Rush Nigut is a shareholder with the Brick Gentry Law Firm in West Des Moines, Iowa. His practice includes both transactional and litigation matters including franchising and business law. Rush started his legal blog, Rush on Business, in 2006. He has been quoted…

Rush Nigut is a shareholder with the Brick Gentry Law Firm in West Des Moines, Iowa. His practice includes both transactional and litigation matters including franchising and business law. Rush started his legal blog, Rush on Business, in 2006. He has been quoted or referenced by hundreds of other blogs, websites, and publications. He also is the editor of the Brick Gentry Trial Team blog and can help you identify the most qualified lawyer at Brick Gentry to handle your case. Our lawyers have a breadth of trial experience in personal injury, employment discrimination, business litigation, IP law, and class action cases.