A great deal I got a call from someone who was in the process of purchasing a business from an Uncle. The Uncle wants a million dollars for the business which includes real estate, and is willing to sell to his niece on a contract for deed. The niece would pay for the business over time with the proceeds of the business. The niece, who currently works in the business, would eventually be the owner, without having to get approved for a bank loan or provide cash for a deposit. Seems like a win-win, right?
If you're in the process of buying a business, there's a whole lot of information to take in and digest. If you're not familiar with accounting terms and documents, it can be overwhelming, leaving you wondering just where to begin.
You're purchasing a business. Congratulations! No matter how much experience you have and what talents you bring to the table, chances are, you have a steep learning curve ahead of you. Your new business may have its own unique processes and systems. That's just part of the reason why obtaining support and training from a previous business owner can be very valuable.
One of the most useful tools to examine the current state of a business and where it might go in the future is to do a SWOT analysis. Let’s examine why.
A non-disclosure agreement, or NDA, can be a very valuable document during the purchase or sale of a business. Perhaps someone has brought up the idea of drawing up an NDA during your current negotiations to purchase or sell a business, and it left you wondering if one is really necessary. Our opinion is that it is, and here's why.