Quiz: do you have what it takes to buy a new business?
You've been thinking for a while that you'd like to be a business owner and all the perks that would come with being your own boss. Purchasing an existing business can save time and money compared to starting your own company. An established business comes with a client list, brand recognition, and established practices that can be more efficient than starting from scratch.
Swan Law often assists with business transactions, and we've seen the pitfalls that real business owners face when buying or selling.
Let's see if you're really ready to buy a business. How many of these statements are true for you?
1. I know my strengths and weaknesses as an entrepreneur.
2. I am comfortable taking risks.
3. I am realistic about my talents.
4. I enjoy thinking my budget and where my money is going.
5. I understand my own finances.
6. I am confident in the team of advisors who will support me.
7. I enjoy learning about this market and industry.
8. I am resilient and have "grit."
9. I am decisive and believe in my own decisions.
10. I am honest with my family about how the business will affect our lives.
If you answered "Yes" to most of these statements, you might be ready to own your own business. Keep in mind that buying a new business is so much more than just a financial commitment. You need to be open with your family (and yourself) about the time and effort you will spend making your dream of owning a business come true.
There are so many pieces to buying a business that go beyond the equipment and structure of the building. You are purchasing the systems that make the business efficient. The employees who devote their time and expertise to earning money for you. All of these aspects need to be captured, carefully and expertly, with a comprehensive team of trusted advisors that may include an attorney, a realtor, a CPA, and others.
There are emotional parts of buying or selling a business. If you have worked hard to build the company, it can feel like a new chapter when you're ready to move on. You want all your sweat, blood, and tears to be appreciated by the new owner. Swan Law can help capture some of what you're feeling and experiencing with our comprehensive tools for buying and selling a business.
We love to support new entrepreneurs and those who are moving on from their business to new projects. We know that purchasing or selling a business is more than a real estate transactions. Catherine spent years at a large family of construction companies where she worked on mergers and acquisitions, and she brings the same level of detail to business purchase and sale for businesses of all sizes in the Yampa Valley.
If you have questions about buying or selling a business, an attorney with experience can answer those questions for you. Reach out to Swan Law at 970-879-1572 or make an appointment online today.