Your Guide to Buying, Selling or Starting a Business: Recommendations from a Serial Entrepreneur

The mindset of an entrepreneur is that of an innovator and visionary. New ideas fuel entrepreneurs and they can't help but see potential in even the slightest spark of a concept. But passion without a plan can result in failure.?

The good news? It doesn't have to.

As a serial entrepreneur, I've learned a few things. So, I'm sharing my top three recommendations when buying, selling, or starting a business.

Buying a Business

1. Surround yourself with experienced professionals?such as a great lawyer, accountant, etc. They will provide valuable insight to help guide your buying decision.
2. Do your research.?Ensure you understand the trends for similar businesses in that area that have sold. That will show you if and what they sell for in the current market.
3. Create a comprehensive due diligence map?including all of the items you want to see during the due diligence process. It will allow you to take a step back, verify facts, and evaluate risks. It is crucial to ensure that your decision is rooted in information and facts.

?Selling a Business

1. Hire a reputable broker?to help you prepare for your sale.
2. Be realistic?in your expectations in pricing and timing.
3. Be prepared?for the seller's requests, such as financials, visits, benefits, etc. All of that should be prepared and readily available upon request.

Starting a Business

1. Be clear?about what the business is, does, and who the customers are. You should be able to explain this concisely and clearly within a couple of sentences.??
2. Be realistic?in the financing needed and understand the norms within that process.?
3. Make sure the supply chain is going to cooperate with your plans.?

So, what now?

There are numerous resources out there to help you get started.?Bizbuysell.com?is a good brokerage site and is a great place to learn more with their helpful tools and advice.

Also, the U.S. Small Business Administration has a great program called?Score. This program pairs entrepreneurs with retired executives who provide advice within their respective industries.

Finally, don't overlook industry associations and the Chambers of Commerce. Both are helpful resources for guidance and information.

The bottom line: there is no such thing as too much research! Whether you are buying, selling, or starting a business, do not come in as a novice. You must know the landscape to understand the market and be prepared.??