There are several basic phases in buying a business or franchise. All parties will benefit if the buyer or franchisee follows a few steps in the process.
DETERMINE IF BUSINESS OWNERSHIP IS RIGHT FOR YOU
Is business ownership something you want to do and does it fit into your family’s plans at this time? On the other hand, there is no time like the present. We might have all heard the comment “The best way to become a millionaire, except by owning your own business, is…” That is because many believe that “owning your own business” is a good path to becoming a millionaire.
Surprisingly, people list other reasons as more important in their decision to own a business, among those reasons are:
1. To do my own thing and control my own destiny.
2. I no longer want to work for someone else.
3. Owning my own business is a better use of my time and skills.
Let’s look at the separate paths for buying an existing business or a franchise.