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Business Unplugged™
This blog features Carol Roth's tough love on business and entrepreneurship, as well as insights from Carol's community of contributors.

Should You Buy or Build Your Business?

Written By: Catherine Morgan | Comments Off on Should You Buy or Build Your Business?

What Every Entrepreneur Should Know Before Buying a Business” is Carol’s recent post on the Bank of America Small Business Community. Given everything it takes to get a business up and running, you may think it would be easier to just buy a business that has already experienced some success.

Carol shares what you need to know if you’re considering buying a business. She begins:

“When you get the itch to be an entrepreneur, you have options. You can build a business from scratch, you can franchise a business from another brand franchisor or you can buy a business from another entrepreneur looking to exit.

Getting a business going is the most difficult part of a business’ lifecycle, one that most new businesses do not survive. So, you may follow the path of logic that you minimize that startup risk by buying an established business. While it costs more money up front, you may think that an established business track record, vendor relationships, knowledgeable employees and a customer base will allow you to hit the ground running.

However, as with everything related to business, it’s never that easy. Buying a business can sometimes be equivalent to taking over someone else’s problems.

Here are some things you should know before you engage the purchase of any business.

 Entrepreneurs are Greedy!

Here’s the thing about people—and entrepreneurs are no exception—they are greedy. Their greed is something that you need to understand when you consider buying a business.”

You can read the rest of the post here.

Article written by
Catherine Morgan is the founder of Point A to Point B Transitions Inc., a virtual provider of coaching services to individuals who are in business or career transition. She specializes in helping entrepreneurs transition to corporate jobs they love. Catherine is the author of the eBook Re-Launch You: Discovering Your Point B and Embracing Possibility. An experienced independent consultant who was employed by three of the former Big Five consulting firms, Catherine speaks frequently on topics related to career transition, small business, productivity, and mental health. She doesn’t take herself seriously, but takes her subject matter very seriously.