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Advice needed: buying a small business!

I am entertaining an offer to buy a small business. I dont think I would have any troubles with running it but I dont know anything about actually purchasing it. I know I would want a lawyer and a tax person.... anything else? I feel like a complete newb about this but i have no idea what else and I dont want to agree to anything until i talk to everyone i need to talk too. TIA!

Re: Advice needed: buying a small business!

  • Depending on what type of business and the liabilities that come along with it, you might need to discuss things with a few different lawyers.  Also, you might also want to figure out a business plan.  What type of profits would you be looking at for year 1, 2... etc.?  Is there a current client base you would acquire?  Have you factored in costs such as advertising?
  • you need to find some good resources to help you through this decision. there are so many things. try googling to get some small business website info.

    if you're buying a storefront then you might need a realtor

    very cool though ... so what type of business is this?

  • imageKatieBride06:

    very cool though ... so what type of business is this?

     

    my dream job... dance studio! :)

  • that is so awesome!

    make sure you're 'buying' her customers too, if that makes sense.

  • Our local community college here in wilmington offers classes for people who want to become small business owners.  Maybe one near you will have a similar program.
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