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3 tips for taking over an existing business

You have always loved one of the businesses in town, and when it went up for sale, you were sad it was going to shut down. Then, you found out that the owner was willing to sell the business with its name and branding. The business is very popular in the local area, so you're thinking about taking it over and making a bid.

Before you buy an existing business, there are a few things you should think about. Here are three tips to remember as you consider taking over.

1. Make sure the market is still profitable

Look at the local market. Why is the founder selling? Maybe a new, larger business with similar products is now in the area, or perhaps he's seen a decline in sales. Do your research to make sure buying the business can be profitable.

2. Get the funding you need up front

You'll need funding unless you have a large stockpile of cash on hand. Get that funding in place before you make an offer, or the entire deal could fall through.

You should also remember to get enough funding for the everyday needs of the business, so you don't spend it all on obtaining the business and have nothing left to help the business remain successful.

3. Have a professional draft the sales agreement

When you know you're ready to buy a business, you should have your attorney help by creating the sales agreement and making sure that you are protected.

This purchase could affect your life and the lives of employees and local customers for years to come. Due your due diligence, and you may find that this is a profitable venture that was worth taking on.

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