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Buying established business

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fastword

PARKED
Jan 2, 2008
6
0
8
I'm looking for established business so I can become business owner instead of Self Employee. Does it has to be Absentee owner while there's already managers running the business?

Do anyone have any experience doing this before?

What are the positive or negative doing this?

I thought it would be easy to do and less risk after researching financial statements and records for past 5 years and see where it can lead to the future.
 

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Yankees338

Bronze Contributor
Jul 24, 2007
1,829
136
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NJ/MD
First of all, welcome!

Secondly, if you use the "search" function here, you'll find that there are a few threads on this topic already. One of them is this one.

My advice would be this, though:
  • First, come up with a PLAN. Determine what you want to get out of this business. Perhaps you're looking for something with more potential for growth. You'd probably be better suited to start a business on your own if that's the case.
  • Then, once you've come up with your plan, do your due dilligence and decide upon an industry you feel would be best to get enter now. If you can fill a glaring need, you'll be on a great path to success.
  • Figure out how to automate your business so it is truly a "B" business. You don't want to create another JOB for yourself; you want to create a business that relies on systems, not you. Your business should continue to grow even without much work from you.

These are just a few things you should consider. The most important thing, though, is to PLAN. Use the Your Goals / Your Fastlane Plan section of the boards here to write up a plan for yourself and your future, and post it so that we can all critique it for you. Hope this helped! Good luck.
 

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