***Jobs for Sale
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- Identify where you can take the company. Can it serve as a platform for new growth as you introduce new products, new services, more aggressive marketing and sales? As I have written before on this blog, one of my Ten Commandments for Buying a Business is, "Pay for the past, consider the present, but buy for the future." The past financials about the company you are buying will help determine the purchase price, but they do not guarantee what the business will look like in the future. You must evaluate the business with utmost care to understand what it can provide you with after the purchase.n
- Carefully evaluate the financials of the business you are considering. Kick the tires. Don't believe what you are told. Demand to see all the records.n
- Verify and see for yourself. Remember that the friendly-looking owner will probably tell you an interesting tale about why the business is for sale. He's got another business that is so successful, he doesn't have time to run the one you are considering. Or she just lost interest. Such explanations don't hold up. If you were making a ton of money in a business, that would be interesting enough for you to hold on to it, right? Money is pretty interesting. Even if you disliked the business, you could hire other people to run it for you. So try to dig until you find out the real reason the business is for sale, such as a failed product or the arrival of new competitors in the marketplace. Or, as I prefer, the more realistic, and sometimes morbid reasons like retirement, death, and divorce. Once you pinpoint the reason, you need to consider whether it is a problem that you can overcome.n
- Make sure that running the company will be a good fit for your skills, experience, interests and temperament. If you're not the right person to run a company, let someone else give it a try. After all, you're leaving your old job to enjoy a better life, right?n
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