We know that buying a practice or new business is one of the biggest decisions you may make in your professional career. Our team is ready to help you analyze, research, and make the best financial decisions in your purchasing process. Wherever you are in the process, we can help guide you through the numbers and help you make informed decisions!
1. Is buying a business the best decision for you right now?
One of the most important questions you need to consider when thinking about buying a practice or a business is if it is a good decision for you. Are you in a solid financial state to take on the cost of purchasing a business? Do you have the mental and emotional capacity to take on a new challenge? Take serious stock in these questions to determine if purchasing a business or practice is attainable for you at this phase of life.
2. Will your spouse support you?
If you are married, make sure that your spouse is invested in the purchase as well. There are emotional and time investments that both spouses will make, even if they are not both actually running the business by day.
3. Do the numbers add up?
While this question is obvious, you want to make sure the business valuations on any practice or business you purchase make sense. Be an informed consumer and do your research!
4. Are there any other skeletons to worry about?
You’ll also need to do your homework when it comes to finding out everything beyond the numbers that might affect your new business. Talking to an experienced team of experts to help you research the new venture will help you know what skeletons are in the closet and what questions to be asking a seller.
5. Are you excited about the purchase?
Passion is a key ingredient in any new business venture. When you are excited about a new business, it shows! The opposite is also true. Take a few moments to consider your excitement level and if the thought of the venture energizes you.