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Financial Management for the Small BusinessBThe Thirteen Steps to acquiring a businessBBeginning the search-who can help2Choosing the method that is best for your situation3 Some different methods of valuing a businessVIThe rewards of working for yourselfThe decision to purchase a business of your own is not an easy task There are many things to consider before the final decision is made First of all exactly what do you want to accomplish To make millions of dollars right Or is it to have the freedom of being your own boss Whatever the reason you must be sure that it is something that you are ready to devote an exorbitant amount of time and energy into and that it is something that you really want Otherwise you might be stuck doing something that you hate If you are ready to commit then you must ask yourself just how far will that commitment extend How much of your own time energy and money are you willing to sacrificeAfter the decision is made the acquisition of a small business can be summed-up into nine steps in which most will be elaborated upon later These are the nine steps to any business acquisition regardless of its size or industry1The search locating a business available for sale2Identifying alternative candidates9Managing the transition period Tuller 10Some considerations that cannot be avoided when purchasing a small business include the question of needing a partner the current economic factors considering alternate locations and developing a tax strategy When debating whether or not a partner is needed or wanted you need to know if youre going to need additional equity as well as sharing the risk of failure For these reasons a partnership seems to be a great idea but there are also many cons that should be recognized Having too many partners can alter the ease of decision-making shared liability can cause obvious problems and sharing profits means less for you Added to this
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