When surveying buyers on why they decided to buy a business, the most common answer is “I’m tired of working for someone else”.
While being your own boss can be a very rewarding experience, the desire to become a business owner does not automatically mean you should. As an employee with a steady and mostly consistent paycheck, a person can typically just focus on their role in the company and not have to worry about the other facets of running a company.
When becoming a business owner, every decision and responsibility now falls to this person. Being a business owner takes a certain mindset and skillset, and sometimes buyers think they can buy their way to success. Like anything else, buying a business is a process and asking the right questions and creating the right timing for action is critical, even when buying an existing successful business.
Here’s a great article for buyers looking to purchase a business. It details the top questions a person should ask before buying a business.