A serious buyer should have the answers to the following questions before looking into purchasing a business.
- Why are you considering buying a business at this time?
- What is your time-frame to find a suitable business?
- Are you open-minded about different opportunities, or are you looking for a specific business?
- Have you set aside an amount of capital that you are willing to invest?
- Do you really want to be in business for yourself?
- Are you currently employed or unemployed?
- Are you the decision make or are there others involved?
However, the real key to being a serious buyer is whether you can make the leap of faith so vital to buying a business
. No matter how much due diligence a buyer performs, how many advisors there are to advise the buyer, at some point, the buyer has to make a leap of faith to purchase the business. There are no sure things or guarantees. If a buyer is not comfortable being in the business, he or she should not even contemplate the decision to buy a business