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    2 Replies Latest reply on Oct 21, 2007 7:08 PM by WEBillions

    I find a store for sale.  and i don't know what to do next.

    newowner Newbie

      A friend of mine owned a this store, only 2 employees work for him. his bussiness is still doing good. He want to sell it because he don't have time to take care. I have the money to buy it, but i don't know how to run a bussiness. And what legal documents are needed to transfer to my name as new owner. what do i do as new owner, still hires these 2 employees.
        • Re: I find a store for sale.  and i don't know what to do next.
          LUCKIEST Guide
          What to do. A great question. What is the time frame. Like how soon do you need
          to make the decision. You can alway learn to run a business. Will your friend
          stay around for a month to show you the in the outs of running this business.
          Have you seen the books and records of the business??
          What is your background and WHY do you want to buy this business??
          You say that you have the money to buy the business. What is the expected
          return on your investment??
          Do you know an accountant?? How about a lawyer??
          SCORE talks about writing a business plan.
          Good luck, LUCKIEST
          • Re: I find a store for sale.  and i don't know what to do next.
            WEBillions Adventurer
            Before you consider buying the business, find out as much as you can about it:

            cash flow
            profit and losses
            employee salaries/wages
            type of customers
            tax information
            value of assets and liabilities
            reputation
            potential

            Your friend should be able to help you with a lot of this. Get your friend to find out what documents are necessary. He's the one who wants to sell. He'll have to do it whether it's you are someone else.

            As far as the employees, that's your decision. I would talk to your friend and find out his opinions on his workers. Would he keep them if he were you?

            Make sure you are ready for this business. If your heart isn't into it, you'll be miserable. Good luck!