If you are a serious buyer, you should have ready answers to the following questions:
- Why are you considering buying a business and why now?
- What is your time-frame to find and close to a suitable business?
- Are you looking for a specific business or are you open to different opportunities?
- Have you determined how much capital that you are willing to invest and is it readily available?
- Are you really sure you want to be in business for yourself?
- Are you currently employed or unemployed?
- Are you the sole decision-maker or are there others involved?
No matter how much due diligence a buyer performs, no matter how many advisors there are to advise the buyer, at some point, the buyer has to make a leap of faith to purchase the business. There are no “sure things” and there are no guarantees – if you are not comfortable being in business, you should not even consider buying a business. So the last and most important question is:
- Can you make that “leap of faith” that is so necessary if you are to be successful in buying a business?