George J Sierchio Articles

Why Buy a Business Vs Starting from Scratch? - Click To Read Article
Not everyone can buy a business that nets the owner $100k+ a year. If that were the case everyone would. But, everyone does have the opportunity to build a business to that level or more. Using your skills, getting help where you need it and using the momentum of the business you purchase is the way to achieve that goal. Being prepared by having all of these items lined up before even looking for a business to buy is extremely important. If not...

What exactly is a Business Purchase Letter of Intent or LOI? - Click To Read Article
What exactly is a Business Purchase Letter of Intent or LOI? This seems like a very scary document but actually it's not. Technically, a business purchase letter of intent is really a non-binding agreement that says "I would like to buy your business for an asking price of $XXXX with contingency stipulations A, B, and C but first I want to take a closer look at your business". Again, it seems complicated but it's really a very simple semi-legal looking document that gets the ball rolling. So let's take a look aT this very important document that protects the buyer while spelling out due diligence items, the initial offer and many of the details that will eventually be part of the final purchase agreement.

Tips on Buying a Business- What Can You Afford? - Click To Read Article
What can you afford when it comes to buying a business? Let's do a reality check here. Unless you have some incredible experience at a top level in an industry and some kind of solid personal collateral to back you up, forget those that say you can buy a business with no money. It's not true even is you get Seller financing or bank financing. Somebody is putting up the money and your history is what gets you those people who will agree to back you. And if none of your money is involved then these are mid-market to large business transactions that require loads of experience to be considered. So unless you have that kind of experience and people to back you up with their money, you need to take a reality check and think about what you can afford. This article is a sneak peek at that thought process.

Risks of Buying a Small Business Without Help - Click To Read Article
Make no mistake; buying a business is no small task. That goes for huge entities to small businesses alike. Certain things like the amount of time it takes to complete the entire purchase as well as the price is much larger in a large or medium business versus small but, other things are much more intense with a small business purchase. One of those intense things is the...

Quick Tips on Buying a Business - Click To Read Article
Many people think that buying, or even starting, a business is purely based on being in an industry that you love. Although that’s a very good idea to start with, it won’t pay the bills. Below are a few simple things to think about while making your strategy for buying a business. These thoughts will be the key to being a good business buyer and subsequently a good business owner.

Hiring Brokers or Advisors for the Business Buying Process - Click To Read Article
The start of the hunt for a business to purchase is a very important time in the process. I would strongly recommend getting help to make your decisions much easier. Business Buying Brokers and Advisors are very useful when you are on the hunt and when you find a viable business fitting the criteria model you have made in your prep work before starting the hunt. Find out the following in this article: Does every buyer necessarily need help from a Broker or Business Advisor? Where do I find these professionals? When should I hire one? What will they do for me? How much will it cost? Please keep in mind that any advice you get from a Broker or Advisor is just that: advice. This is your money, time and effort going into the business you want to find and purchase. All final decisions are yours to make.

Hiring an Accountant for the Business Buying Process - Click To Read Article
As a business buyer, you must understand when to bring on the help of an Accountant and to how hire those with the right experience. Accountants are not business advisors, although some actually are Attorneys. I don’t recommend using the same person as your Attorney and Accountant. That situation usually does not end up working to your advantage as you may think. This article will help in answering the following: Where do I find these professionals? What are the best hiring criteria? When should I hire one? What will they do for me? How much will it cost?

Hiring an Attorney for the Business Buying Process - Click To Read Article
First and foremost, as a business buyer, you must understand when to bring on the professional help of an Attorney and to how hire those with the right experience. You are looking to buy a business and you are the one employing them so the decisions are all on you. This article will answer the following questions: Where do I find these professionals? What are the best hiring criteria? When should I hire one? What will they do for me? How much will it cost?

Funds for Buying a Business - Click To Read Article
Where will you find the funds for buying a business? Well, there are a variety of ways financing the buying of an existing business can be done, but only a few are even worth pursuing. Keep in mind that knowing how you will fund a business purchase should be on the top of your list of things to do while preparing for this new venture. If you have anything less than $25,000 in liquid assets available to use for a down payment, you will have a very hard time taking on a business worth buying. You would be better suited trying to start from scratch in a low entry cost industry such as a service or consulting business.

Finding a Business to Buy and Determining an Offer Price - Click To Read Article
So, what is really involved when finding a business to purchase and how complicated could it be? I’d like to say the answer to this question is “it’s very simple”, but since it really isn’t, I won’t insult your intelligence. If you have not bought or sold a business before, this process will come as a shock to you if you are looking to compare it to house hunting. In this process, you will be highly analytical and the Seller will be highly emotional. This is their baby that they have built on their own, or like you are attempting to do, have bought from someone else and made it their life. Hopefully I can help prepare you for the general process steps that will occur. To make sure you are ready for the information in this article, please read my other article that precedes this one entitled Buying a Business- Prepare Yourself.

Financing Tips for Small Biz Entrepreneurs - Click To Read Article
From start-ups to 20 year old companies, I am asked everyday to help people find financing for their companies. The answer is usually a function of the type of business, the time in business, the financial status of owners/business and what is needed to be accomplished with the money. I would like to lay out some basic guidelines and considerations when funding is needed. You will see that time in business has a big impact.

Exiting Your Company Gracefully - Click To Read Article
Since you own a business or plan on having one in the near future, you have an exit strategy, right? Your answer is probably “No”, which is typical for many people in their first venture of working for themselves. Every owner will eventually exit their business… even if they run it until they die. But then what?

Closing the Deal on Buying a Business - Click To Read Article
What really happens when you have a purchase price in mind for a business you have thoroughly studied? Well, the question to ask first is, did you actually prepare yourself to be a business buyer, a business owner and to make an offer? If you have not read my articles entitled Choosing to Buy a Business, Buying a Business- Prepare Yourself and Finding a Business to Buy and Determining an Offer Price, please do so first or you will be missing a few large pieces to the puzzle. Once you have a business in your crosshairs and you have determined an optimal purchase price for that business, the excitement really begins. The following steps will take you through the buying process from making an offer to taking over the business.

Buying a Business- Prepare Yourself - Click To Read Article
So you have decided that you would like to run your own show and buying an existing business versus starting from scratch is the way to go. This is a very wise decision if you have not been involved in a start-up before. The question then is: Are you ready? The following steps need to be taken in order and looked at very seriously. This is just the beginning but it is necessary to be in the right position to make what will be a very big, life changing move.

Choosing to Buy a Business - Click To Read Article
Buying a business can be a complicated process. This is not at all like buying a house. You must be mentally prepared and committed to purchasing a business before you even bother looking. A plan must be made to fit your business objectives. When the right opportunity comes up, it is best to move swiftly, which can only be done if well prepared. There are a few main reasons to buy a business versus starting scratch. There are also pitfalls, skills and general points to know about before taking this leap. This article will give you that knowledge and allow you to make the most out of your decision to purchase a business.

Business Buying Pros and Cons - Click To Read Article
Hopefully this list of business buying pros and cons will give you a picture of what you are facing. It will also answer the question of: Why would anyone bother to buy a business instead of taking one from the ground up?

Bad Economy? Now is the Time to Buy a Business - Click To Read Article
Well I guess we can all agree that the economy is not in the greatest shape right now. It has certainly been worse and like always, much of the hoopla of how bad it is really is driven by the media and the spin they like to out on it for a good story. This is the time when business savvy people don’t take cover but actually dig in. While other business owners are hiding from the possibly negative and money draining effects of a struggling economy, the go-getters are...

Are You Buying a Business or a Job? - Click To Read Article
It’s amazing what a difference it makes to ask yourself the question “Do I want to buy a business or a job” when preparing to buy a business. To make sure you understand what I mean, let me briefly explain. Let’s say you are looking to get into the business of ...


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