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[Blessed15]

For someone who is planning to buy an existing business, what are the right questions to ask? What areas should one look at? What is it that you should watch out for when you visit the business's premises?

 

[SCAMEXPOSER]

For someone who is planning to buy an existing business, what are the right questions to ask? What areas should one look at? What is it that you should watch out for when you visit the business's premises?

Up to date records of running cost and profit been made, challenges in the business , Reason why the business is on for sale, if the business has met all criteria

 

[Niftyicon]

Other things to consider in addition to the other poster's list is the staff. Know the ones you are taking on maybe by their work history and integrity, the ones you may have to let go and stuff like that. Also, be sure of the "books" of the business.

 

[Reznov]

What issues that this business had previously or currently has ?
How much does it generate ?
Are the workers ( in case they existed ) satisfied with a new owner ?

 

[Bushbaby7]

Besides all those other questions, which I believe are all relevant, among many others, I'd also want to know:

- Any challenges encountered
- How far off the next competitor is
- I'd want to see the financials
- I'd want to know all the selling points
- And if it's such a fantastic business, why is the owner selling?

 

[Darkerhorse]

I would say the most important thing to check out when buying an existing business is its potential to grow and you must have an idea of the business you are buying over. I know most people would say it is important to check if the business is making profit but sometimes a good business can have bad management and run at a loss but a good management can take over that same business and make it huge with the right business strategy

 

[SCAMEXPOSER]

Having idea about the business is very important because it will enable you to draft out plans to improve in the managerial and marketing pattern of the business. SWOT analysis will definitely be needed before buying the business.

 

[rivakwa]

For someone who is planning to buy an existing business, what are the right questions to ask? What areas should one look at? What is it that you should watch out for when you visit the business's premises?

The first thing to check is the books of accounts to determine the income and expenditures.
Ask the reasons for wanting to sell the business off
Know the staff strength to know whether that is affecting the cash liquidity of the business
Also do staff audit,this is very important.Another question is who are their customers and contacts should be demanded

 

[Josemendez]

For someone who is planning to buy an existing business, what are the right questions to ask? What areas should one look at? What is it that you should watch out for when you visit the business's premises?

The first question is to know the reason why the owner will be willing to sell the business if it is actually lucrative .
Second , if the business has active or reluctant customers .

 

[Brain]

Looking at the books of account for me. I will like to see the account for profits, losses, overhead expenses, payment of different revenues account and maybe have a chat with the auditor / accountant of the company

 

[a_jerobon]

Are there any pending debts from rent, electricity bill or water bill?
Are there any maintenance works to be done? Some people spend a fortune on plumbing work.
What is the daily sales income?
What reputation does the business have?
What is the social status of most of their customers?
What season do they have their biggest sales?
Are there competitions around?

Those are really great questions to ask. I like the first one more. One should really know if the business has any debts. I have ever come across a case where one bought a business that had a huge debt due to to unpaid electricity bills.

 

[microunit]

For someone who is planning to buy an existing business, what are the right questions to ask? What areas should one look at? What is it that you should watch out for when you visit the business's premises?

probably the most important thing is why would that person sell his/her business to you? are there any difficulties in handling? and you have to look forward if that business can still thrive in a long term

 

[Margniphycente]

A lots of things to look at, you will want to look at the financial state of the business. You have to know if the business is running at a loss
Check for the staffs
Look at the environment
Look at the progress rate since its establishment
Make sure to look at competitive prices and competitors
Make your research which is the most important

 

[Geniusmaco]

Cost of buying the business. The networth of the business. The year of establishment of the business. The challenges encountered in the business. Why he or she decided to sell the business. And other necessary stuffs like certificates, debts owned by the business,

 

[Delaw2020]

To purchase an existing business, it is right to ask why the owner wants to sell it, any hidden debts, if a pending court case is going on and how to absorb or lay off existing workers with their entitlements.

 

[Rollerkid]

For someone who is planning to buy an existing business, what are the right questions to ask? What areas should one look at? What is it that you should watch out for when you visit the business's premises?

The necessary factors one can consider when buying an existing business is very vital and some of those factors may include the following. The reson why the is sold, the trade in which the business and the market the business is able to attract at the time it is being sold.

 

[Odufalove]

Firstly look into the up to date records, profit , loses and also the challenges the business experienced and how each one of them was tackled. And the reason why the business is for sell...

 

[bitforex22]

Up to date records of running cost and profit been made, challenges in the business , Reason why the business is on for sale, if the business has met all criteria

Exactly if a business is making good profits to a person very low chance he will sell in case of AdSense as an example niche , profits of last 30 days and traffic regions are important things to look at

 

[Bushbaby7]

My main area of interests would be the reasons for the owner selling up because that could unearth a lot of reasons why I shouldn't buy, that's if the person is being honest. And then I'd want to know about the financials and all the hurdles of operating the business.

 

[GoldenLady]

First, I would like to know if the business model itself is one that can actually make money.

It would also be good if I have passion for that niche.

Any staff members? How good are they, and will they accept the change in management?

Just to mention a few.