Business Purchase - What I did right, What I did wrong

[buschen]

In purchasing my first business, I did everything right and made a lot of money. When I purchased my third business, I did everything wrong. Those mistakes practically destroyed me financially.

My goal with this web site, MyFirstBusinessPurchase.com , is to inform people of what I did right and what I did wrong so that others can make good decisions on buying a business. I will tell you all the areas of a potential business I investigate and what characteristics are essential. I will reveal challenges I had with my businesses and how I overcame them, or was crushed by them. I grew up in a working family. No one owned their own business so I had no idea what was in store fore me and my family. I believe reading my story will give the business buyer a touch of experience that is priceless.

business valuation, business brokers, businesses for sale, business purchase, how to buy a business, business ownership

[silver753]

"In 1998, I bought an undervalued business for $400,000 spending only $15,000 out of my pocket to do so. In 2004, I sold the business for $800,000 and made over $200,000 per year for five of the 6 years I owned it. There are rules that need to be followed when buying a business. I followed all the rules and worked many hours and long days and everything worked just as I had planned."

Only $800,000 for $200,000 after 5 out of 6 years? May I suggest you find a new broker? And could you please name the "industry you were in that wasn't affected by the recession?