Buying a business ‘offers excellent opportunities’
Buying a business could offer significant benefits to entrepreneurs over starting up a firm from scratch.
David Yezbak, a business broker writing for the Augusta Chronicle, pointed out that acquiring an existing firm eliminates some of the businessperson’s risk for a number of reasons.
Firstly, an established company has already proven that it can work in the existing marketplace, reducing the need for so much research.
In addition, the previous owner should have already built up goodwill towards the brand name, meaning that anyone who buys it should also be purchasing a good customer and vendor base and positive relationships from the outset, he added.
Finally, the need for recruitment will also be minimal, as the business is likely to already have good staff.
‘When you buy a business, you take a calculated risk that eliminates a lot of the pitfalls and potential for failure that come with a start-up,’ Mr Yezbak commented.
People thinking of buying a business may be advised to seek the services of an experienced team of commercial lawyers, as potentially complex legal pitfalls will be present throughout the acquisition process.
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