{"id":560552,"date":"2019-05-18T03:01:37","date_gmt":"2019-05-18T07:01:37","guid":{"rendered":"https:\/\/vrbbd.wpengine.com\/vrbbgreenbay\/10-questions-everyone-should-ask-before-signing-on-the-dotted-line\/"},"modified":"2022-01-31T12:42:42","modified_gmt":"2022-01-31T17:42:42","slug":"10-questions-everyone-should-ask-before-signing-on-the-dotted-line","status":"publish","type":"post","link":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/10-questions-everyone-should-ask-before-signing-on-the-dotted-line\/","title":{"rendered":"10 Questions Everyone Should Ask Before Signing on the Dotted Line"},"content":{"rendered":"
\"\"<\/p>\n

Before buying any business, a seller must ask questions, lots of questions. \u00a0If there is ever a time where one should not be shy, it is when buying a business. \u00a0In a recent article from Entrepreneur magazine entitled, \u201c10 Questions You Must Ask Before Buying a Business\u201d, author Jan Porter explores 10 of the single most important questions prospective buyers should be asking before signing on the dotted line. \u00a0\u00a0She points out to remember that \u201cthere are no stupid questions.\u201d <\/span><\/p>\n

The first question highlighted in this article is \u201cWhat are your biggest challenges right now?\u201d \u00a0The fact is this is one of the single most prudent questions one could ask.\u00a0 If you want to reduce potential surprises, then ask this question.<\/span><\/p>\n

\u201cWhat would you have done differently?\u201d is another question that can lead to great insights. \u00a0Every business owner should be an expert regarding his or her own business.\u00a0 It only makes sense to tap into that expertise when one has the opportunity. \u00a0The answers to this question may also illuminate areas of potential growth.<\/span><\/p>\n

How a seller arrives at his or her asking price can reveal a great deal. \u00a0Having to defend and outline why a business is worth a given price is a great way to determine whether or not the asking price is fair. \u00a0In other words, a seller should be able to clearly defend the financials. <\/span><\/p>\n

Porter\u2019s fourth question is, \u201cIf you can\u2019t sell, what will you do instead?\u201d \u00a0The answer to this question can give you insight into just how much bargaining power you may have.<\/span><\/p>\n

A business\u2019 financials couldn\u2019t be any more important and will play a key role during due diligence. \u00a0The question, \u201cHow will you document the financials of the business?\u201d is key and should be asked and answered very early in the process. \u00a0A clear paper trail is essential.<\/span><\/p>\n

Buying a business isn\u2019t all about the business or its owner. \u00a0At first glance, this may sound like a strange statement, but the simple fact is that a business has to be a good fit for its buyer. \u00a0That is why, Porter\u2019s recommended question, \u201cWhat skills or qualities do I need to run this business effectively?\u201d couldn\u2019t be any more important. \u00a0A prospective buyer must be a good fit for a business or otherwise failure could result.<\/span><\/p>\n

Now, here is a big question: \u201cDo you have any past, pending or potential lawsuits?\u201d \u00a0Knowing whether or not you could be buying future headaches is clearly of enormous importance.<\/span><\/p>\n

Porter believes that other key questions include: \u201cHow well documented are the procedures of the business?\u201d and \u201cHow much does your business depend on a key customer or vendor?\u201d as well as \u201cWhat will employees do after the sale?\u201d <\/span><\/p>\n

When it comes to buying a business, questions are your friend. \u00a0The more questions you ask, the more information you\u2019ll have.\u00a0 The author quotes an experienced business owner who noted, \u201cThe more questions you ask, the less risk there will be.\u201d<\/span><\/p>\n

Business brokers are experts at knowing what kinds of questions to ask and when to ask them. \u00a0This will help you obtain the right information so that you can ultimately make the best possible decision.<\/span><\/p>\n

Copyright: Business Brokerage Press, Inc.<\/a><\/p>\n

Dean Drobot\/BigStock.com<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Before buying any business, a seller must ask questions, lots of questions. \u00a0If there is ever a time where one should not be shy, it is when buying a business. \u00a0In a recent article from Entrepreneur magazine entitled, \u201c10 Questions You Must Ask Before Buying a Business\u201d, author Jan Porter explores 10 of the single […]<\/p>\n","protected":false},"author":2,"featured_media":560554,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[4,5,6,7],"tags":[],"class_list":["post-560552","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-buyer-articles","category-buyer-faq","category-buying-a-business"],"blocksy_meta":{"styles_descriptor":{"styles":{"desktop":"","tablet":"","mobile":""},"google_fonts":[],"version":6}},"_links":{"self":[{"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/posts\/560552","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/comments?post=560552"}],"version-history":[{"count":0,"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/posts\/560552\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/media\/560554"}],"wp:attachment":[{"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/media?parent=560552"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/categories?post=560552"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/tags?post=560552"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}