Before taking the leap and buying a business, it's always a good idea to ask the seller some questions to help you decide if the business is right for you and to let the seller know that you're a serious buyer.
Here are some questions you might want to ask a seller:
- How much time do you spend on the business each week?
- What skills do I need to run the business?
- Can you tell me more about the business model?
- What type of marketing do you do to attract customers?
- What are some things I could do to improve the business?
- What are your profit margins like?
- Do you offer support after the sale?
- What is included in the sale?
Once your initial questions have been answered and you feel like you and the seller have built trust, you may want to ask if they can share some more in-depth information with you.
Some things you might want to ask at this stage are:
- Can you give me read-only access to your Google Analytics?
- Can I have a limited access staff account in the store?
When you're ready to buy, send the seller an offer. There might some negotiation involved, but once you've settled on a price, the seller will send you an Escrow.com transaction where you can safely pay and start the process of becoming the new owner.