Thread: Business acquisition advice

Hey everyone! I recently celebrated my 25th birthday and I finally saw the light. I want to work for myself and be my own boss. I am considering purchasing an existing business within the next year. I want to take time a learn as much as i can. Does anyone have any advice, tips, or opinions about the process. Your input is appreciated and hopefully others can learn from this thread.

Start looking around craigslist if you want to buy an existing business. I am trying to start one from scratch myself. (Also in NYC) The good thing about craigslist business for sale section, is you can see which type of businesses are being sold, for how much and where. Then you can get an idea of WHY they are being sold. I would not like to invest my time and money into something thats going down the tubes. I have checked out quite a few myself, but I think starting something I love from scratch is a better idea.

Originally Posted by wcadet

Hey everyone! I recently celebrated my 25th birthday and I finally saw the light. I want to work for myself and be my own boss. I am considering purchasing an existing business within the next year. I want to take time a learn as much as i can. Does anyone have any advice, tips, or opinions about the process. Your input is appreciated and hopefully others can learn from this thread.

i hear you buddy.. i am 25, and i just recently LLC'ed my own business and am starting from scratch. just get your hustle on and stay positive and possibilities are endless.

+1 ^

keep in mind that in buying "someones" biz, you are also getting issues they have had..... my first question would be "why are you selling" and see what they say....Then again on the other had you will be getting a client base.....


It might be just as easy (or better) to start your own......at 27 i just set up my first DBA and am learning as i go....

good luck

I worked in all facets of M&A for the better part of 8 years and finally pulled the trigger myself back in 2006. There's a big difference when you're the one signing the loan docs. It's a big thrill and exciting as hell...... until that first loan payment......

Good Luck!!!!

Originally Posted by pip

+1 ^

keep in mind that in buying "someones" biz, you are also getting issues they have had..... my first question would be "why are you selling" and see what they say....Then again on the other had you will be getting a client base.....


It might be just as easy (or better) to start your own......at 27 i just set up my first DBA and am learning as i go....

good luck

Very very true! This also raises another question. How do you approach starting something on your own. What are some of the steps you guys took. I mean beyond the business plan. How did you find your resources or how did you find a system for your employees.

So far you guys are real helpful.

Good luck! I've just recently taken the plunge myself.

cheers to us all then!

**CHEERS**


I’ve been asking and talking to people I trust that I know have done it or just know a bunch about a certain aspect of it. Reading up, taking notes and a big help for me is to mind map it out then attack each bit or part of it.

I bought a "how to for dummies” book and am looking for a how to structure/designate and share responsibilities book.

Originally Posted by pip

**CHEERS**


I’ve been asking and talking to people I trust that I know have done it or just know a bunch about a certain aspect of it. Reading up, taking notes and a big help for me is to mind map it out then attack each bit or part of it.

^THIS.. yes, exactly what i've done/been doing. It's great to bounce ideas off close friends and family that you can trust.