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  1. #1
    Join Date
    Jul. 14, 2008
    Location
    Carrollton, Ga
    Posts
    1,271

    Default Has anyone bought an established business?

    We have a the opportunity to buy a business by the end of the year. The business is currently with a broker and the owner would prefer to wait until the contract with the broker is over before she deals with us (he has not done much for her and we found out about her business through another source.)

    This is all new to me and I was wondering if anyone had some good advice for us. Of course we will hire accountants to review the books and a lawyer to oversee the transaction. Wht else should we know! I am excited and nervous all at the same time!!!



  2. #2
    Join Date
    May. 26, 2011
    Posts
    1,613

    Default

    You need to figure out the value of the business which varies from industry to industry. My experience is that accountants are not good at valuations.



  3. #3
    Join Date
    Nov. 13, 2009
    Posts
    5,085

    Default

    Make sure to talk to your lawyer about an asset sale vs. a stock (or membership unit) sale. If you have a good lawyer, this should pretty much be the first thing the lawyer brings up with you. There are benefits and drawbacks to each, depending on the situation.



  4. #4
    Join Date
    May. 21, 2008
    Location
    Sonoma County, California
    Posts
    2,566

    Default

    Has a business valuation been done by an actual business appraiser? It's expensive but a good thing to do as so much affects the value, past, present and future.



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