Is This Business Right for Me
Before you go further, it is important that you have considered whether the business you are considering is RIGHT for you?
Not that you have to work in the business, but if that is your intention, will the type of work be:
- In line with your skill level or are you able to acquire the skills
- Within your physical capabilities
- Within your moral or ethical guidelines
- Something you will get enjoyment out of
More than likely, the tasks you take on will need to be done for a considerable period of time and hence it is important that the above qualities hold true.
Can you fund the business acquisition and its operation?
This will need to be assessed in detail in financing but initially give consideration to whether you can even come close to funding the acquisition as well as its operation.
Will the business provide an appropriate return to you?
It is important to assess the level of investment that you will need to make against the amount of profit that will be generated from the business. A valuation of the business is appropriate at this stage and is a task Bentleys has been assisting clients with regularly.
Is the business of a size that you can manage?
The larger the business, the greater the potential of issues that need to be faced by the owner. This can be managed either through your own skills or by having a team of people who have the skills that you can rely on.