Top 7 Mistakes When Buying an Existing Business

Top 7 Mistakes When Buying an Existing Business | Anthony Caliendo | The Sales Assassin

Starting your own business is hard work and takes time. The fastest way to become a business owner is to buy an existing small business. Buying a business – whether its a franchise, an online business, a service or brick and mortar – means you are acquiring everything about the business, the good and the bad. Whether you’re buying your first business or your 10th, entrepreneurs often make avoidable mistakes when buying an existing business.

3 Advantages of Buying an Existing Business

1. Save Time 
It is faster to buy an existing business than it is to create a new business from scratch. A start-up business starts with nothing but an idea and everything else has to be built. Buying an existing business gives you a jumpstart to owning your own business.

2. Evaluate Potential 
When building a business from the ground up, you can only project the potential profits and growth. When buying an existing business, you can evaluate the business’ history and identify ways to improve on the past.

3. Established Relationships 
An existing business will have an existing customer base, vendors and community relationships. If the business is well operated, that is a lot of goodwill that can take years to build.

Here are 7 of the top errors people make when buying a business. These top mistakes entrepreneurs make when buying an existing business are avoidable – if you know what to look out for.

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7 Mistakes to Avoid When Buying an Existing Business

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