So you purchased a business. Great! Now, tell me about it.
Bit of background - I'm currently saving and getting educated for when it is time to purchase a business. Some days I feel like I have a plan. Some days I feel like I'm lost and don't know where to start. I currently have a good paying job and save around 50% of my income. I don't have any business management skills yet but I have an Information Technology degree and I've been working as a consultant for a last 4 years for a SaaS HR company.
I would love to hear your story, whether it was a success or a failure(no such thing). Tell me/us how you found the business. How much did it cost? What kind of business it was/is. How did you structure the deal? Did the owner stay for long? What kind of financing did you do? Where is the business now? Did you have prior experience about that business/field/market prior to purchasing the business? What do you think were the essential decisions/steps that led you to success or failure?
I don't want to buy a business that will make me rich the next day. I want to buy something I won't mind spending countless hours on and will allow me to achieve the simple goals I've set for my life. I've reached a level in my professional career and I'm ready to give something else a try.
Thanks in advance! I couldn't find much about purchasing an exiting business and/or success/failure stories around here. If there is, pardon my oversight.
Bit of background - I'm currently saving and getting educated for when it is time to purchase a business. Some days I feel like I have a plan. Some days I feel like I'm lost and don't know where to start. I currently have a good paying job and save around 50% of my income. I don't have any business management skills yet but I have an Information Technology degree and I've been working as a consultant for a last 4 years for a SaaS HR company.
I would love to hear your story, whether it was a success or a failure(no such thing). Tell me/us how you found the business. How much did it cost? What kind of business it was/is. How did you structure the deal? Did the owner stay for long? What kind of financing did you do? Where is the business now? Did you have prior experience about that business/field/market prior to purchasing the business? What do you think were the essential decisions/steps that led you to success or failure?
I don't want to buy a business that will make me rich the next day. I want to buy something I won't mind spending countless hours on and will allow me to achieve the simple goals I've set for my life. I've reached a level in my professional career and I'm ready to give something else a try.
Thanks in advance! I couldn't find much about purchasing an exiting business and/or success/failure stories around here. If there is, pardon my oversight.
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