Approximately 10,000 Baby Boomers are retiring each day.  A lot of these Boomers own businesses and a lot of them would like to see these businesses, which are their legacies, continue.  Starting a business from scratch may be a dream so that you can look back and say that you built your own successful business.  But as exciting as that idea may sound it is hard – really hard, and a very high percentage (some say up to 50%) fail in the first year.  That’s lousy odds when you consider that you are usually risking everything and therefore you could lose everything if you don’t make it.

Or, you could buy an existing business – one that is long past the high-risk startup stage.  Perhaps most important, it has a salary in place for the owner.  Otherwise, why would you buy it?  It already has customers although this could be a little dicey if you aren’t careful.  Often, and this of course does not apply to all businesses, business drops off for a period of time for a new owner because the customers were comfortable with dealing with the old owner and aren’t sure whether you can live up to the service, quality, whatever provided by the previous owner.  It should be incumbent as a new owner to try to make sure existing customers are aware of the transition and that you will continue to provide the same level (or better) of service that they had become accustomed to.  And one more thing.  Commercial financing to acquire an existing business, and especially SBA financing, is much more likely to be available than to a startup.

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