Requirements for buying a business
Capital and Credit
In order to buy a business, you will need liquid assets to invest. Cash, stocks and bonds are examples of liquid assets. Your personal financial statement will help your Broker determine how much you can afford to invest. If you expect to finance a portion of the purchase, it is important that the lender approve your credit.
Most small businesses require an owner-operator in order to be successful. Absentee ownership is often an invitation for failure. Your resume will help your Broker match your management and business skills to the best opportunities for you.
Buying a business often takes between two and four months. If you are employed, it may take longer. Buying a business can be a full time job.