Being based in Florida, I get way too many calls from prospective 'business buyers' who have sold their businesses up north, they may be retired, and now they’ve settled down here. After a few months of playing golf, and being driven crazy by their spouses, they decide they want to get back into business. They think they want to buy a business, but the truth is they do not really want all the dirt or hard work that comes with it. What they are truly looking for is a way to keep busy.
And so they spend their time looking at businesses. In fact, the process has actually become their new job. This way, when someone at their clubhouse asks them “what’s up”, they can say: “I’m looking to buy a business”. It is a feel good thing. They search listings, they do research, meet with sellers, compile valuations, hire accountants, engage brokers, get busy with negotiations and ultimately, they always find a compelling reason (at least in their minds), to not buy any business. They usually don't even make any formal offers.
So why am I telling you this? It’s simple: I don’t want you to become a 'Professional Business Analyst' which is what many people evolve into after too much time looking. That is not your goal here.
In order to do so, there are a few things to keep in mind:
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