Virtual Entrepreneur

U.S. News & World Report:
1. Know the fair-market valuation for a healthy business of the type you’re buying in that particular geographic location.

2. Do your due diligence: Scrutinize the seller’s financials and tax returns. Understand clearly what it costs to run the business: Ask for supplier contracts and invoices for significant expenses, like advertising and rent, for instance.

3. When you’re further along in the process, the seller should introduce you to her most important customers and recommend that they stay with you when you purchase the company.

4. Are there any hidden liabilities? Don’t hesitate to ask if there’s any pending litigation, regulation, and necessary capital improvements.

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