View Full Version : Looking for resources on information fo buying a business

11-08-2014, 05:17 PM
A little back ground on me first. automotive and diesel master tech with a huge range of mechanical experience. currently I am a instructor at a technical institute. I am a military veteran also. I have worked for some of the best and worst shops out there. in the best shops, I picked the brains off the owners a lot. In the worst shops I just observed the incorrect practices not to do. Since deciding to become a business owner I have picked up a second job to pay off all my debt except mortgage to put me in a better spot.

In the mean time I want to educate my self a lot more to better prepare for this under taking. I have decided it would be better to purchase an existing business instead of opening one from scratch. the following is a list of some of the information I am looking for sources on (I.e. a book, video, or personal experience).

1. When I purchase a business I know I can hire an accountant to review the financials (and I will), but I would like to be able to look at the books and be able to see if profits and losses are legit, charge offs, and anything else dealing with the financial information when dealing with an automotive shop.

2. Advertising when dealing a small business. I know what worked for some of the shops I have worked for in the past but it doesn't mean it will work for me, so I would like to read up on the different types of effective advertising.

3. Small business management when it comes to payroll, taxes, and legal ramifications that comes with a small business.

4. Any book dealing with running an automotive shop in general.

5. Any information that will be beneficial to me to prepare to apply for a small business loan.

I have considered taking an online degree course for small business management for some of this information. I have heard this looks better on myself when applying for a loan. does anybody have any experience with these online degree places? I am posting this on a couple of forums to get different opinions on it so sorry if it looks familiar.

07-22-2016, 07:11 AM
When you are planning to buy a business then it is always better to hire an experienced Charted Account, Legal Adviser and Personal Secretary with good experience. These things will give you strength and we should do enough research on the business which you are going to buy.

11-20-2020, 12:04 AM
The following are 6 inquiries you should pose to yourself prior to purchasing a business.

For what reason Do You Want to Buy This Business?

By what means Will You Make Sure You Are Successful?

The amount Capital Do I approach?

The amount Is the Business Worth?

Request to Speak With the Current Owner.

Request to See the Business' Current Financial Statements.

11-24-2020, 05:34 AM
Best Personal Loan offers- Apply for an online personal loan (https://indialends.com/personal-loan) to get the lowest interest rates, instant approval, minimum documentation, and disbursal of funds to your bank a/c in 42 hours of Loan Approval.

02-19-2021, 01:30 AM
The information that you will have will come in handy when you decide. Having that one is something we all should have. - Marla Ahlgrimm (http://www.marlaahlgrimmhealth.com/)