There are a lot of reasons people in Louisiana chose the path of entrepreneurship over working for someone else. There’s a difference between being good at something and figuring out how to make money pursuing it for a living. One way to jump-start the path to success is to consider buying an existing business rather than starting one from the ground up.

An initial consideration concerns the type of business that would be appropriate. Experienced business consultants indicate that a stand-alone business, a franchise or something less formal such as a consulting company are among the options based on the nature of the business and the prospective owner’s skills, background and preferences. Based on the existing market, it may take some time for an opportunity to arise, or there may be multiple options to choose from.

No matter what type of business a person invests in, the company must be thoroughly investigated in regard to its past history, current status and economic viability for the future. The prospective buyer must do his or her due diligence to be sure that the purchase is the right one. If so, there must also be a detailed and well-reasoned plan for financing the enterprise, which allows for variables and the unexpected, as well as permitting some time for revenues to build after acquisition.

To effectively put all the pieces together and make an informed decision, it may be prudent to consult a lawyer who is experienced in the purchase and sale of businesses. The time and effort put in before purchase might help prevent costly mistakes down the road.