My husband and I have come across an opportunity for a B&M business purchase here in the town where we live. The business is the local gun shop. Although we each have extensive knowledge and the confidence to run the business, neither of us has purchased an existing business before.
We DO know that we need to see the financials and are relatively confident in being able to read the financial statements. We actually have an appointment scheduled for Saturday evening.
We are looking for input from those who have had this type of experience (purchasing an existing business).
What areas in particular would you focus on to ensure due diligence is done. Other than making the numbers work, what pitfalls should we watch out for? Any and all input requested - Thanks in advance! We have entered new territory and feel pretty lost.
We DO know that we need to see the financials and are relatively confident in being able to read the financial statements. We actually have an appointment scheduled for Saturday evening.
We are looking for input from those who have had this type of experience (purchasing an existing business).
What areas in particular would you focus on to ensure due diligence is done. Other than making the numbers work, what pitfalls should we watch out for? Any and all input requested - Thanks in advance! We have entered new territory and feel pretty lost.
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