Are you willing to invest the time and Job Function Email List money to make the business successful? I once sold a business where part of the owner's job Job Function Email List was to market. The business contacts were made visiting existing and acquiring new clients on weekends. The new owner purchased Job Function Email List the business and became upset that the clients were not calling him. When asked if he was marketing to the clients, he stated that he wasn't Job Function Email List going to work on weekends. Tip Three: Get as much Job Function Email List information on the business up front.
Request copies of at least three years tax returns and Job Function Email List current profit and loss statements and, if you are not comfortable reviewing them, have your CPA look them over. If you don't Job Function Email List have CPA, now is the time to hire one. You will need an accountant or CPA for the new business. Tip Four: Ask for an equipment list from the Seller. If you are purchasing the property, ask for a site plan and see Job Function Email List if the owner has a recent appraisal of the real estate. If the business is leasing the property, ask for a copy Job Function Email List of the lease.
Check the terms as to what is covered, the Job Function Email List length of the lease. Does it contain options to renew? You don't want to be forced to relocate the business in the near future because the lease expires. And find out what is prohibited by Job Function Email List the landlord. You may think that a large new sign is what the business needs, but the landlord does not want it on the property. Tip Five: Check the local ordinances as what activities the business can and cannot engage in. Perhaps you want to buy a restaurant and what to add live music at night. The local laws may contain a noise ordinance that would prohibit having a band.