Here are some of the most important fundamentals and
tips for buying a business
1. Buy a business that you enjoy.
2. Never pay yourself out of cash - you will need the reserves!
3. The owner of the business should always finance the purchase.
4. Commercial banks will not lend you the money to buy a small, privately-owned
business.
5. You and the owner of the business should have a good relationship with each
other.
Remember to Buy a Business That You ENJOY!
 Don't make a decision that you will soon regret - the most
important quality of a business is satisfaction, not profitability. Of course,
it is important to have a business that will make enough income, but it is so
much more important to find a business that you will enjoy running.
If you purchase a business for the sole reason of a large
income, you will undoubtedly spend long, dissatisfying days in the business, and
will most likely sell it due to not enjoying it.
Before you buy a business, think about your values and what
you enjoy doing. Imagine yourself running a particular type of business. Do
you like what you see? If you are, then this is probably the right type of
business for you.
Be Prepared to be Flexible
Make sure that you don't latch onto only ONE type of business, because it will
then take you much longer to find this "dream job". Instead, consider broad
parameters of what you are looking for, so it will be easier and more realistic
to find a business that you enjoy. Once you do this, you can begin to "fine
tune" your selection, eventually arriving at a business that you will feel
satisfied operating.
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