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How to Buy a Small Business – A Comprehensive Guide and Resource
Starting a new small business can be risky endeavor, which is why you should at least consider buying an existing business instead. LaunchScore.com is here to help you when buying a small business, with this comprehensive guide and resource.
An existing business may very well a better option given that it already has a location, supply-chain, trained employees, brand, customer base, historical cash flow statements, and tax returns.
There is already a formula in place to run the business and hopefully all it needs to boom is your vision, enthusiasm, and determination to put in place incremental innovations. Lenders are also more comfortable financing a business that already has financial records they can evaluate.
However, there are also disadvantages. Existing businesses typically cost more than starting one from scratch. Current employees and suppliers may have practices not to your liking and may be resistant to change.