May 17 2008
Think Clearly When Purchasing a Business
For many, the American dream of owning a business is waiting just behind owning a home. I was a teenager when I owned my first business. Since then, I have bought or started many businesses and helped others to do likewise. Here are some mistakes which I have seen or committed myself.
Buying a business because you love to do what business does
One reason restaurants have a high failure rate is people buy their departure or because they like to cook. Very few restaurant owners spend time cooking. Their time is spent on personnel management, order supplies, doing paperwork and management of crises per day. A small business owner must wear many hats - including that of manager.
