Buying an Existing Business

Buying an Existing Business

 

Have you ever wanted to become your own boss by starting your own business, but did not where to begin? If so, it may make sense to purchase an existing business. Purchasing an existing business that is generating cash flow and profits is less risky. It also has an existing customer base, employees and an online presence. Pursuing an existing business could also save money.

 

Steps to Success

  1. Remember your goals – You want to find a business with loyal customers, strong sales, experienced employees and a positive cash flow.
  2. Find a business you have experience in. Think about your strengths and which business will be the best fit.
  3. Look ‘everywhere’ for perfect business. Announce to everyone on social media and Craigslist what type of business you are seeking.
  4. Contact Paul J. Burkhart for legal advice.
  5. Ask important questions. Why is the business for sale? What is the profit margin? What is the outlook for the future? What is the marketing plan? Is there much employee turnover?
  6. Review all financial statements with an attorney.
  7. Check the inventory, furniture, fixtures, legal documents and location.

 

Researching to Purchase an Existing Business

You have found the business you want to purchase. It is now time to investigate and research.

 

  • You want a letter of intent that shows the price and terms of the purchase and conditions of the sale.
  • A confidentiality agreement will ensure you will not use the seller’s information for any other purpose than potentially purchasing it.
  • You must work with the landlord to assume an existing lease or to negotiate a new lease.
  • Examine all financial statements and tax returns.
  • Research all property documents, sales, marketing, employee and managerial information and customer lists.
  • Paul J. Burkhart should be enlisted to help you review all documents of the business you are planning to purchase.

Business Attorney, Palm Beach Gardens

 

 

Our team assists both individual and business clients with all their legal needs. This includes Business and Corporate Transactions, Business/Commercial and Civil litigation, Real Estate, Intellectual Property, Family Law, and Estate Planning matters. We are a full-service private law firm ready to assist you with any request, large or small.

Call 561-880-0155 or visit our website at https://paulburkhart.net/

 

© Copyright 2017. All Rights Reserved.

 

 

 

 

 

Law Offices of Paul J. Burkhart, PL

800 Village Square Crossing
Palm Beach Gardens, FL 33410

Phone: (561) 880-0155