When a person wants to go into business, an alternative to starting a business from scratch is to buy an existing business. Buying a business is also an option to expand your business and remove competition. Although it can be a more costly option, buying an existing business may be an easier and can offer a number of advantages over establishing a brand new business. It is important, however, that a decision to buy a business is not taken rashly and that thorough research is undertaken and professional help is sought where needed. Making a bad decision can be very costly and stressful.
This topic examines the advantages and disadvantages of buying a business, offers ideas on how to find a business to buy and explains the process of due diligence.
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