What is important to know when buying a business or starting up a business?

  • The most important thing is to have a business plan.
  • In starting a business or attempting to buy one, you should consult with your attorney and your accountant to get their input before doing so.
  • When buying a business, it may also be of help to discuss the matter with a business planner who may be able to help you with the business plan and give you a better idea what the appropriate purchase price should be.
  • Before signing a contract, you must, of course, do a complete and thorough investigation.
  • It’s always a good idea to spend some time at a business and see how it works, see how the revenues are, see how the management is, and see what kind of customers come to the business.
  • Once you’ve done your due diligence, it’s then time to make a decision.
Cohn, Lifland, Pearlman, Herrmann and Knopf LLP
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