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.