Buying a business is a big decision with a lot of moving parts. These answers cover the basics. For South Carolina specifics, see buy a business in South Carolina.
If you’d like an operator’s read on a deal you’re considering, talk to me about acquisitions.
Straight answers
How long does it take to buy a business?
Finding the right business can take many months; once there’s a signed LOI, closing commonly takes a few more. See how to buy a business.
How much money do I need to buy a business?
It depends on the price and structure. SBA first-time acquisitions currently require a minimum 10 percent equity injection. See how to buy a business with no money.
Where do I find businesses for sale?
Listings, brokers, direct outreach, referral partners and industry networks. See how to find a business to buy.
What should I check before buying?
Financials against tax returns, customers, employees, contracts, licenses and legal issues. See due diligence checklist.
What are the biggest mistakes?
Buying a job, trusting add-backs, too much debt and a vague transition. See mistakes when buying a business.
Should I buy or start a business?
Do I need an attorney and CPA?
Yes. They’re essential for structure, documents, taxes and diligence.
Can Ben Lovro help me buy a business?
He can share an operator’s view on a deal and post-closing plan; he isn’t a broker, attorney or CPA. Talk to him about acquisitions.