{"id":560600,"date":"2019-09-14T03:06:01","date_gmt":"2019-09-14T07:06:01","guid":{"rendered":"https:\/\/vrbbd.wpengine.com\/vrbbgreenbay\/a-closer-look-at-3-major-factors-to-consider-when-you-buy-a-business\/"},"modified":"2022-01-31T12:41:55","modified_gmt":"2022-01-31T17:41:55","slug":"a-closer-look-at-3-major-factors-to-consider-when-you-buy-a-business","status":"publish","type":"post","link":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/a-closer-look-at-3-major-factors-to-consider-when-you-buy-a-business\/","title":{"rendered":"A Closer Look at 3 Major Factors to Consider When You Buy a Business"},"content":{"rendered":"
\"\"<\/p>\n

The simple but undeniable fact is buying a business is one of the single greatest financial decisions a person can make.\u00a0 Buying a business can lead to great financial success or great financial failure.\u00a0 This fact helps to underscore why it is so important to work with an experienced broker who can help guide you through the often labyrinthian process of buying a business.<\/span><\/p>\n

In a July 2019 article from Smallbusiness.co.uk, author Kyle Carins explores three key factors that everyone should consider before they buy a business.\u00a0 The first factor covered in Carins\u2019 article, \u201c<\/span>3 Things to Consider When Buying a Business<\/span><\/a>,\u201d is appeal vs. viability.\u00a0<\/span><\/p>\n

Appeal Vs. Viability<\/strong><\/p>\n

Not surprising, the most important variable for most prospective owners is that the business is indeed viable.\u00a0 Not being able to differentiate between an appealing business and one that is viable can lead to financial disaster.\u00a0<\/span><\/p>\n

As Carins points out, \u201cDo you want to make money or do you want to fulfill a dream?\u201d\u00a0 Sometimes those two variables can intersect, but not always and not often.\u00a0 In the end, it is vital to know whether a given business is, in fact, potentially lucrative.\u00a0<\/span><\/p>\n

However, as Carins points out, it is also important that you choose a business that you will enjoy.\u00a0 Nothing can be more spirit crushing than running a business that you truly hate, even if it is lucrative.\u00a0 Selecting the right business for you is something of a balancing act that must take in a variety of often competing variables.<\/span><\/p>\n

Considering Hidden Costs<\/strong><\/p>\n

The second factor that Carins looks at is the issue of \u201chidden costs.\u201d\u00a0 One of the key reasons that it is so important to work with a business broker is that a business broker understands these kinds of factors that you might otherwise overlook.\u00a0 Due diligence is amazingly important.\u00a0 For those who have never bought a business before, working with a business broker offers substantial protection against making a potentially serious mistake.<\/p>\n

Second Opinions<\/strong><\/p>\n

The third factor examined in Carins article is \u201cGetting a second opinion.\u201d\u00a0 For Carins, getting a second opinion is actually linked to due diligence.\u00a0 He feels that additional opinions regarding a given business should go beyond working with professionals and should also include talking to friends and family who know you well.\u00a0 Additional opinions can help one see angles that might otherwise be missed.\u00a0<\/span><\/p>\n

Again, buying a business is complicated and will take up a good deal of one\u2019s time and mental energy.\u00a0 Your friends and relatives, understand your personality and your wants and desires.\u00a0 Their input can be particularly beneficial.<\/span><\/p>\n

Finding an experienced business broker can help you do more than simply establish whether or not a given business is a \u201cgood deal.\u201d\u00a0 Brokers with years of proven experience can also help you determine whether or not a specific business is a good fit for you and your lifestyle.<\/span><\/p>\n

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

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

The simple but undeniable fact is buying a business is one of the single greatest financial decisions a person can make.\u00a0 Buying a business can lead to great financial success or great financial failure.\u00a0 This fact helps to underscore why it is so important to work with an experienced broker who can help guide you […]<\/p>\n","protected":false},"author":2,"featured_media":560602,"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":[5,7],"tags":[],"class_list":["post-560600","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buyer-articles","category-buying-a-business"],"blocksy_meta":[],"_links":{"self":[{"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/posts\/560600","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=560600"}],"version-history":[{"count":0,"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/posts\/560600\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/media\/560602"}],"wp:attachment":[{"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/media?parent=560600"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/categories?post=560600"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/tags?post=560600"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}