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Purchasing a Small Business Financial Management for the Small Business Purchasing a Small Business Outline IDeciding to buy AWhy buy a small business BStarting out-the nine steps CInitial details to consider 1Are partners needed 2Economic factors 3Is the location acceptable 4Tax strategy IIWhere to start AHow much income is needed BThe Thirteen Steps to acquiring a business IIILocating a potential purchase AThe Acquisition Plan BBeginning the search-who can help IIINegotiating a purchase price A Valuation of a small business 1 Why do a valuation 2Choosing the method that is best for your situation 3 Some different methods of valuing a business aAbility-To-Pay Method bDiscounted Cash Flow Method cExcess Earnings Method BCalculating goodwill CSetting the purchase price DThe letter of intent IVFinding the initial capital ASources of financing 1Traditional sources 2Nontraditional sources BGuaranteed loan programs VClosing the deal 1Get a lawyer 2Audit review 3The closing VIThe rewards of working for yourself The 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 sacrifice After 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 industry 1The
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