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    2 Replies Latest reply on Jan 31, 2014 9:43 AM by Moderator Melinda

    5 principles to follow when buying a business

    AngelBiz Tracker

      Buying a business is probably one of the most important decisions anyone will make in their lifetime. Many would-be entrepreneurs get really excited at the thought of owning their own business. However, if you are not careful you can end up losing everything by making a wrong decision. And it is easy to make wrong decisions , particularly after you become too involved, and get frustrated by the slow pace of progress. You just want to get it done and start working on the future rather than continue “wasting” your time. This is when you are likely to make wrong decisions and regret them afterwards.

       

      I always like to lay out few principles that I can go back to when this type of situation arises, so that I can keep myself in the check. The 5 mantras I have described below are meant to guide potential buyer during the buying process and help make the right decision.

       

      1. Buy low, sell high
      2. Leave emotions at the door
      3. Seek expert opinion
      4. Do not rush
      5. Perform field work

       

      You can find additional details on these principles in this article I wrote -http://www.smallbizviewpoints.com/2013/01/27/5-principles-to-follow-when-buying-business/