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Buying an Existing Business

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For some entrepreneurs, buying an existing business represents less of a gamble than starting a new business from scratch. While the opportunity may be less risky in some aspects, you must perform due diligence to ensure that you&rsquo;re fully aware of the terms of the purchase.</p>

For some entrepreneurs, buying an existing business represents less of a risk than starting a new business from scratch. While the opportunity may be less risky in some aspects, you must perform due diligence to ensure that you are fully aware of the terms of the purchase.

If you have decided to buy an existing business, you will want to be sure you are making the right choice in your new venture. Only you can determine the right business for your needs; however, the following topics can help guide you make the best decision.

The Steps to Starting

The business you have been dreaming of is almost yours! The closing is the final step in the process of buying the business. Keep in mind that you should have legal counsel available to review all documentation necessary for the transfer of the business.

Closing Checklist

The following items should be addressed in a closing:

  • Adjust Purchase Price

This will take care of prorated items such as rent, utilities, and inventory up to the time of closing.

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