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Buying a business: Introduction

Small Business BasicsWant to have a business of your own but hate watching grass grow? Consider buying a company that is already up and running.

The '90s offered a decade of downsizing and the maturing of the nation's largest age group, the baby boomers. Both circumstances helped escalate the popularity of "instant business ownership."

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If you are buying an existing business and do it right, you will be in full swing as soon as the deal is signed. And buying a well-known franchise nearly guarantees good traffic as soon as the doors open. Even a lesser-known franchise can take some of the guesswork and worry out of flying solo for the first time.

Sources:
U.S. Small Business Administration
American Express Small Business Exchange
BusinessTown.com
The Small Business Handbook, by Irving Burstiner
Buying & Selling a Business, by Mark T. Lauer
Principals of Accounting, second edition, Walgenback, Dittrick and Hanson

 

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