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In most cases, buying an existing business is less risky than starting from scratch. When you buy a business, you take over an operation that's already generating cash flow and profits. You have an established customer base, reputation, and employees who are familiar with all aspects of the business. And you don't have to reinvent the wheel--setting up new procedures, systems, and policies--since a successful formula for running the business has already been put in place.
This book is intended to be a primer for first-time buyers. It will take you step by step through the process of finding, assessing, valuing, and closing on a business opportunity. This book will explain the financial terms used in business acquisitions, how to read tax returns and financial statements, and issues to look out for when analyzing an opportunity. Buying a business may be the largest investment you'll ever make: don't add to your costs with missteps and mistakes, or waste your time pursuing the wrong opportunity.