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Should I buy an existing business?
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 YES
Perhaps after
review the pros and cons of starting a new business, you still
want to be self-employed but don’t have an innovative idea
and aren’t comfortable taking such a huge risk. There’s
a lot less risk and better chance of financial backing buying an
existing business. Banks take a more favorable view because of
the existing track record – the existence of customers, staff,
supplies, cash flow. And it’s more attractive to someone
with more interest in selling products than in setting up a new
operation.
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 NO
Buying an existing business is not as appealing
to someone with an entrepreneurial spirit for whom it’s important
to be original, creative and innovative. Buying an existing business
might not reflect enough of your personal vision. |
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* Adapted from the following sources: New York Times, Wall Street
Journal, ABA Journal, National Law Journal, California Bar Journal,
New York Law Journal, Student Lawyer, JD Jungle, GPSolo.
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