Buying a business....make sure to do a checklist! / DJB Realty, LLC
The dream of business ownership. Everyone at sometime has thought of it, and we all are quite familiar with our parents saying..."You want to get rich, you have to own your own business".
Truth is...it is work...lots of work, however the rewards are far too great to pass up.
Seasoned business owners will tell you that the long hours, customers, employees, etc. keep them up at night, however they will also tell you of the joy that comes from having their name on the door, seeing the business grow, or maybe even the Initial Public Offering!
Whatever the reasoning is for the pursuit of entrepreneurship, one thing is for certain....
PLAN TO SUCCEED BEFORE you Purchase!
Step 1....Make a checklist...
When you have found that perfect business, make sure you and your professional team lay out a checklist of items. Good starting points at a minimum are reviewing zoning, permitting, license requirements/status, etc. Securing a good lease or properly acquiring a commercial space is a must. Business plans should be completed and reviewed, and reviewed, and updated, and reviewed(get the idea) BEFORE your first day as owner. Making the introduction to financing and lenders/investors even if you don't need capital now is a good idea. Making a marketing rep is a must if you plan to succeed, however understand the difference between a marketing rep and just a sales rep from one publication/outlet. Have a family meeting, because remember that even if the family is not running the business on a day to day basis, they are part of it everyday! Review competition, review, traffic patterns, possible upgrades, etc. Having a secure professional team in place, ie. accountant, broker, attorney are good ideas. Try to think of your exit strategy BEFORE you enter!
While there are many ways to enter a business, it is always in your best interest to make a checklist and follow it BEFORE you enter your dream business!
DJB Realty, LLC is a boutique brokerage that caters to entrepreneurs who look to enhance their portfolios with investment real estate and business opportunities. Visit www.djbrealty.comor call David J. Britton, broker/owner at 813-469-9120 for a confidential inquiry of your objectives and goals.
Have a great day!