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Buying an Existing Business VS Starting a New Business


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Is it best to buy an existing business and or start a new business? Every existing business we have looked in the past two years had something wrong. The businesses were either in trouble financially and or the owners didn't want us to change any part of the business. I couldn't agree to that. I feel like we are spending the money to buy it and we should be able to do what we want with it. A couple of owners didn't want to sell to us because we didn't have enough experience in their opinion. I thought that was a lame excuse because they were being paid in cash. I could see their concern if we had them carrying a loan for us.

Any opinions? Thanks in advance. :D

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All businesses have rsk. With that being said I tend to think that buying a business is the worst idea. Most have visible or invisible problems. You will probably overpay and end up in a big mess. I think you have doe a good job as you have investigated a few companies and ofund the problems. By doing your homework I know you will do well. Keep startup costs bare bone. Everyone will try and pick your pocket.

 

Rob

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You are totally right. Sometimes you don't see problems until you have to face them. We wanted to buy a wholesale food business to add to our existing business. After we did our homework we found that it wasn't worth the trouble. We are in the process of scaling down our original business plan so that we can keep our overhead low.

 

Thanks for the advice. :)

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i'm going through this right now, as i'm looking at buying a business. as it turns out, it looks like there are A LOT of things that need due diligence and make sure you have a good lawyer and accountant on your side. having never actually bought a biz, but started several on my own, i love the idea of starting out from day 1 with positive cash flow. that is the main reason i'm interested in buying a going concern vs starting another biz. time will tell if that actually plays out...

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