Buying or Selling a Business: Part 2 – Buying

Buying a business is an exciting opportunity, but it requires careful evaluation to avoid costly mistakes. Here’s a streamlined checklist to guide you through the process.

Step 1: Pre-Offer Checklist

✅ Define your goals – Does this business align with your expertise and financial objectives?
✅ Review financials – Analyze 3–5 years of profit & loss statements, cash flow, and debts.
✅ Assess business operations – Understand the owner’s role, key employees, and existing systems.
✅ Market & competition – Research industry trends, competitors, and growth potential.
✅ Legal & tax considerations – Ensure compliance, review contracts, and check for liabilities.

Step 2: Due Diligence Checklist

🔎 Verify financials – Cross-check tax returns, bank statements, and outstanding debts.
🔎 Legal & tax review – Check contracts, employee agreements, and potential lawsuits.
🔎 Operations & assets – Inspect inventory, equipment, real estate, and technology systems.
🔎 Customer & supplier stability – Assess key relationships and risks of turnover.
🔎 Transition planning – Will the owner assist in a smooth handover?

A well-executed due diligence process ensures you’re making a smart investment.

Watch the Full video here: https://youtu.be/jQ-szr6Z7_c

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