Anyone buying a business ‘should do their homework’

Posted 11/10/2010

People considering buying a business need to research the whole story and know exactly what they are getting into before they make a move.

This is the advice of company owners Bruce and Pam Barker, who told the Athens Banner-Herald that it is important not to rush in when it comes to taking on an existing firm.

For instance, they said would-be entrepreneurs need to look into lease options, gross profit margins, net sales and net income if the venture is in retail.

“This may be the perfect opportunity for someone; just know what you’re getting into beforehand and don’t let the illusion of being your own boss cloud your judgement,” the Barkers commented.

Last month, Professor Joshua Bamfield from the Centre for Retail Research said that people who are buying a business in the retail sector should make sure they have a good online presence.

He pointed out that being able to sell products directly to consumers is an increasingly vital aspect of this sector.