Do your due diligence on the financials, ask for tax returns etc...work the paper trail to validate his claims. Ask for seller financing and/or a chunk down and give the owner an earnout over a year or two, pay them a small consulting fee for a period of transition time. Take a ride on the boat, interview employees etc....
I think this is going to be a good strategy for young entrepreneurs to take over baby boomer businesses. The demographics will say there will many older sound businesses will be for sale for retirement that could be improved with some modern technology internet/mobile marketing, various software efficiency applications etc... In many ways with good due diligence, less risky than doing startups from scratch.
I think this is going to be a good strategy for young entrepreneurs to take over baby boomer businesses. The demographics will say there will many older sound businesses will be for sale for retirement that could be improved with some modern technology internet/mobile marketing, various software efficiency applications etc... In many ways with good due diligence, less risky than doing startups from scratch.