My Buyer Profile
In order to buy a professional practice take some time to consider what makes you a ready buyer.
The following questions will be important to consider what business you are looking for:
- What business I am looking for;
- What role do I want to play in the business;
- What location suits me; and
- What size of business suits me.
You will also need to consider your readiness to purchase a business:
- Have I considered the costs of business ownership;
- Have I approached a bank for finance;
- Have I approached a financial advisor to assist in evaluating the business opportunity;
- Have I approached a lawyer to assist me in the contractual arrangements of ownership; and
- Have I approached a valuer to provide an assessment of the business.
Remember, when buying a business you will need to know the following:
- How to evaluate a business;
- What to look for and avoid;
- Understanding financial statements;
- What factors impact a valuation;
- What information is relevant and important; and
- How to assess the potential of the business.
