Small Business Focus

How to buy a business

Thinking of starting a business?

Building one from the ground up entails developing your own ideas, building a customer base, hiring employees, etc.

But you don’t have to necessarily build one from scratch.

The Money Show’s Bruce Whitfield interviewed Aurik Business Accelerator’s small business guru Pavlo Phitidis.

Phitidis discussed the ins and outs of how to approach buying a business.

Listen to the interview in the audio below (and/or scroll down for quotes from it).

You need to be clear on why you want to buy a business.

Pavlo Phitids, Aurik Business Accelerator

There’s a huge amount of risk [in buying a business].

Pavlo Phitids, Aurik Business Accelerator

What assets do you bring to the table that will benefit you in that business?

Pavlo Phitids, Aurik Business Accelerator

The business you think you’re buying is different from the one you’re actually buying.

Pavlo Phitids, Aurik Business Accelerator

You don’t buy the business. You buy the assets of the business.

Pavlo Phitids, Aurik Business Accelerator

You’ve got to make sure you capture the intellectual property.

Pavlo Phitids, Aurik Business Accelerator

Do a due diligence.

Pavlo Phitids, Aurik Business Accelerator

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Article brought to us by Old Mutual.

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